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Gold Prices Soared Up, Russia-Ukraine Tension Boiling Up
Gold Prices Soared Up, Russia-Ukraine Tension Boiling Up
Tuesday, 22 February 2022

Price Performance Indicator

Product

Previous Week

% Change

GOLDUD

$1,887.40

1.86%

GOLDID

Rp 27,134,000

1.55%

GOLDGR

Rp 891,700

1.71%

XAUUSD

$1,897.86

2.00%

COMEX

$1,899.80

2.02%

USD/IDR

Rp 14,325

-0.17%

·  In a week (14/02 – 18/02) the price of ICDX’s Gold moved higher 1.86%.

·  Tension between Russia and Ukraine gets hotter last week.

Market Review

Gold prices moved 1.86% higher than previous week, with prices moved to $1900 sector in the first time since last June. The main sentiment came from heightened tension between Russia and Ukraine, especially after Biden warned that there are indication that Russia was planning to invade Ukraine.

The geopolitical tension became more uncertain after a report told that each party (Russia and Ukraine) were each had fired across the ceasefire line in eastern Ukraine. The report caused more fears that relationship between Russia and Ukraine may be worsen in days a head.

While the gold prices were clouded by the risk aversion sentiment, global investor were still looking for the prospect of the Fed raising the interest rate a lot more aggressive in the nearest meeting, which took in March. Investor were aiming for 50 basis point raise in March meeting, while market expectation were divided into a raise by 25 basis point and others were aiming for higher raise in the next meeting

Market View

From Europe to US to Move the Gold Prices

Sentiment from Europeans, especially the relationship between Russia and Ukraine still be in focus this week as it moved the risk aversion sentiment that directly moved the gold prices. Besides the geopolitical sentiment, the US sentiment also may be focused as the people were looking for a better US GDP released this week that may spurred a higher expectation for the next Fed meeting. Will the sentiment from European and US moving the gold prices to another significant level this week?

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date

Data/Events

Actual

Expectation

Previous

23-Feb

NZ - RBNZ Meeting & Official Cash Rate

-

1.00%

0.75%

23-Feb

GB - Policy Report Hearings

-

-

-

24-Feb

US - Prelim GDP q/q

-

7.0%

6.9%

25-Feb

US - Core PCE Price Index m/m

-

0.5%

0.5%

Riset Indonesia Commodity and Derivative Exchange

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