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In the last five trading days, average gold prices were steady +0.1% WoW at USD 2,622/oz, while the DXY Index strengthened to 108.1 (+0.5% WoW). Gold prices rose Thursday on safe-haven demand post-Christmas trading, as markets awaited U.S. economic signals and the Fed’s 2025 rate strategy under Trump.
On the other hand, the rise in the DXY to 108 exerted additional pressure on gold prices, further weighed down by increased in U.S. Treasury yields (+0.22% to approximately 4.6%), which diminished gold's appeal as a non-yielding asset, raising investors’ caution.
We maintain our FY24 gold price estimate at USD 2,400/oz (YTD: USD 2,384/oz) and FY25’s level at USD 2,600/oz, supported by potential Fed rate cuts to drive economic growth and gold purchases for reserves. Stock-wise, we retain BRMS as our top pick (TP IDR 500; USD 26.4/ton EV/Reserve FY25F), underpinned by strong dore bullion production, a solid earnings outlook, and substantial untapped asset potential.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
