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28 October 2024

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Gold Weekly (28 October 2024): USD 2,734/oz (+2.0% WoW)

Recent Catalysts Driving the Price

  • In 21 – 25 October 2024, average gold prices climbed +2.0% WoW to USD 2,734/oz (from USD 2,680/oz), hitting all-time high at USD 2,749/oz on 22 Oct 2024, while the DXY index also moved up (+0.65% WoW).
  • Gold continues to be the preferred safe-haven asset amid uncertainties surrounding the outcome of US election. Additionally, concerns regarding potential escalation of geopolitical tensions between Israel and Iran, as well as the ongoing Russia-Ukraine war, further drive gold demand.
  • We maintain our FY24 gold price estimate at USD 2,400/oz (YTD: USD 2,332/oz) on the back of persistently strong price levels, particularly with stronger DXY on the Fed’s potential in maintaining current interest rate levels. Stock-wise, we retain BRMS as our top pick (TP IDR 380; USD 15.6/ton EV/Reserve FY24F) due to its robust dore bullion production, strong earnings outlook, and significant untapped assets potential.

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