Gold prices rose again after a correction. On
Wednesday (3/8/2022) trading at 14:38 WIB, the world gold price on the spot
market was at US$ 1,766.69 per troy ounce. Up 0.39%.
Gold had strengthened significantly since
Wednesday last week until Monday this week. However, gold began to slope since
yesterday until this morning.
In a week, gold prices still rose 1.9% point to
point. In a month, gold prices still fell 2.3% while in a year it fell 2.4%
Antam's Gold Price Discount Today, Time to Buy?
Analyst from DailyFX, Ilya Spivak, said the rise
in gold was supported by the situation in Taiwan. The visit of the Speaker of
the United States House of Representatives (US) Nancy Pelosi made relations
between the US and China heat up. Not only Nancy Pelosi, the US has apparently
deployed all of its military fleet, including aircraft carriers and fighter
jets, closer to Taiwan.
Gold is a safe asset sought in times of
geopolitical conflict and economic downturns.
"The market is watching what happens in
Taiwan. If geopolitical conditions start to worry then this will help gold
move. Gold will go up," Spivak told Reuters.
It just shines for a while, today's gold price is
dimming again:
Similarly, David Meger from High Ridge Futures
also said the strengthening of gold was greatly helped by the issue of US-China
tensions. "Nancy Pelosi's visit to Taiwan increased China-US tensions,
making gold prices even higher," David told Reuters.
Gold had weakened yesterday because the market
was again skeptical of changes in the US central bank's policy, The Federal
Reserve (The Fed). Initially, the market expected the Fed to relax its
aggressive policy once the US entered a recession.
Moreover, Fed Chairman Jerome Powell said the US
central bank would consider economic data before setting monetary policy.
However, a number of Fed officials warned that the task of curbing inflation
was far from over. An increase in the benchmark interest rate is inevitable to
suppress inflation.
"Gold yesterday failed to break the
resistance point at US $ 1,785-1,790 per troy ounce because the market is now
becoming more skeptical of the Fed's policy reversal," said Spivak.
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