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10 March 2025

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Gold Weekly (3 – 7 March 2025): Avg. USD 2,910/oz (+0.2% WoW)

Recent Catalysts Driving the Price

  • Over the last five trading days, average gold prices rose +0.2% WoW to USD 2,910/oz (from USD 2,904/oz), while the DXY Index fell -1.8% WoW to 104.9. Heightened uncertainty over US tariff policies increased risk aversion, driving gold near USD 2,920/oz on Tuesday and Wednesday as the 25% tariff announcement triggered US equity sell-off, shifting funds towards gold.
  • However, Fed Chair Jerome Powell’s cautious stance on monetary policy limited further gains. Investor fatigue also weighed on sentiment, preventing gold from breaking above Monday’s (24 Feb) high of USD 2,951/oz. Nevertheless, gold held above USD 2,900/oz on Friday following February’s NFP data having missed expectations (151,000; Est: 160,000), raising concerns over labour market weakness and acting as positive catalyst for gold market.
  • Given these developments, we raise our FY25 gold price forecast from USD 2,800/oz to USD 2,900/oz (YTD: USD 2,811/oz), supported by current high price levels, though slower Fed rate cuts may limit upside potential. Stock-wise, BRMS remains our top pick (TP: IDR 500; USD 26.4/ton EV/Reserve FY25F), backed by strong earnings growth and significant untapped asset potential.

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