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Company Reports

07 January 2025

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Gold Weekly (30 Dec 2024 – 03 Jan 2025): Avg. USD 2,632/oz (+0.4% WoW)

Recent Catalysts Driving the Price

  • In the last five trading days, average gold prices rose +0.4% WoW to USD 2,632/oz, while DXY Index strengthened to 108.7 (+0.6% WoW). Gold hit 2-week high on Thursday (USD 2,656/oz), propelled by safe-haven buying as market players positioned themselves ahead of Fed rate outlook and anticipated impacts of President-elect Donald Trump's proposed trade tariffs.
  • Additionally, the upcoming Chinese New Year festivities are expected to boost gold demand, both for investment and jewelry production. Chinese dealers have started quoting premiums of USD 4.5-10/oz above spot prices, approximately 200% above the previous week’s premium range.
  • In FY24, avg. gold price reached USD 2,392/oz  (SSI: USD 2,400/oz). For FY25, we set our forecast at USD 2,600/oz (YTD: USD 2,646/oz), up 8.7% YoY, propelled by potential increase in gold purchases for reserves, though slower Fed rate cuts may temper price gains. Stock-wise, we retain BRMS as our top pick (TP IDR 500; USD 26.4/ton EV/Reserve FY25F), driven by solid earnings outlook and substantial untapped asset potential.

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