ICDX's Crude oil prices until the close of the first week of May still showed a positive trend with price movements closing up by 5.1 percent. The main catalyst driving oil prices is still focused on the Ukraine conflict which is still ongoing and has triggered a series of new sanctions against Russia.
The price of CPOTR fell 1.7% to level of IDR 22,550/Kg at the close of trading last week. The market looks alert amid the uncertainty of the Indonesian CPO market regarding the rise of news about the cooking oil mafia. In addition, market players are waiting for the next policy to be taken by the Indonesian government in overcoming the spike in domestic cooking oil prices.
World gold prices are denominated or valued in USD, so gold transactions that occur in an international context are carried out in USD. With this high usage, coupled with the demand for gold from countries outside the United States, the value of the USD will be quite crucial in influencing the price of gold.
At the beginning of 2022, the movement of the global economy is still overshadowed by the COVID-19 virus. Although the effect has subsided for the Delta variant, the Omicron variant which was only detected in November 2021 poses a new threat to various sectors, including commodities.
Gold has been known for a long time, both as jewelry and as an investment asset and a hedge against economic and political conditions. The use of gold as jewelry among the public has increased the popularity of gold, outperforming other metals such as silver and platinum.
Digital gold allows investors to buy their gold online and does not depend on direct physical transactions, making it easier, safer and more practical. Physical gold, which is represented by digital gold, is stored in a vault that is insured by the seller on behalf of the customer. This is what helps investors overcome problems in conventional gold transactions.