Research & Stock Picks

Company Reports

10 February 2025

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Gold Weekly (3 – 7 February 2025): Avg. USD 2,849/oz (+2.8% WoW)

Recent Catalysts Driving the Price

  • In the last five trading days, gold prices hit an all-time high of USD 2,867/oz, averaging USD 2,849/oz (from USD 2,771/oz), up +2.8% WoW, while the DXY Index remained flattish at 107.9 (+0.16% WoW). Although better-than-expected US jobless claims provided some economic optimism, escalating global political tensions continued to drive gold's safe-haven appeal.
  • Trump’s 10% import tariff on Chinese goods triggered China’s retaliatory 15% tariffs on US goods, while the tariff delay for Mexico and Canada failed to ease trade war concerns. This further fuelled gold price volatility amid potential greater US-China trade war.
  • Given economic uncertainties between the two superpowers, there is upside to our FY25 gold price forecast of USD 2,800/oz (YTD: USD 2,741/oz), backed by higher gold purchases for central bank reserves. Stock-wise, BRMS (98% gold revenues) remains our top pick (TP IDR 500; USD 26.4/ton EV/Reserve FY25F), thanks to solid earnings outlook and substantial untapped assets potential.

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