Gold Rebound on Higher US Inflation
  • (12/02 – 16/02) SPDR Gold Trust’s holdings rose 0.47% to 824.54 ton.
  • (12/02 – 16/02) In a week the price of ICDX’s Gold moved up 2.45%.
  • ICDX’s Gold highest volatility is 1.02%.

Market Review

The gold rose and moved close to a 2-year high. The sentiment were helped by last week higher than expected US inflation and making the gold as a better option to secure the value of money from price pressure.

Another boost for the gold price came from US government ten-year Treasury bond yields rose to a record 4-year high – indicating major selloff on bonds and tend to stimulate the investor to buy gold as a safe-haven investment product.

Pressuring the USD, US economic data released last week were mostly unfavorable. The US’s Consumer Inflation Expectations for the month of January was released at 2.71% from the previous released at 2.82%, US’s Retail Sales YoY growth for the month of January was slowing and grow 3.60% from 5.20% on the month before, US’s Industrial Production MoM for the month of January was decreased by 0.10%, and US’s Manufacturing Production YoY for the month of January was slowing and grow only 1.80% from 2.10%.

Market Review

FOMC Minutes of Meeting

BThe FOMC will release the Minutes of Meeting from the 30-31 January meeting, which hold the rate at 1.25% - 1.50%. If the Minutes sounds more hawkish about the economy and the possibility of rate hike on the next meeting, the USD will find a support and limit its losses. However if the Fed’s member are showing a cautious stance in the minutes, this will make USD vulnerable to move lower and give support to the gold price.

Harga emas naik dan bergerak dekati level tertinggi 2 tahun

Price Performance Indicators

Previous Week % Change
GOLDUD $ 1348.30 +2.45%
GOLDID $ 1348.30 +2.45%
GOLDGR Rp 593,000 +1.91%
XAUUSD $ 1347.30 +2.37%
COMEX $ 1356.20 +3.08%
USD/IDR Rp 13,570 -0.54%

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date Data/Events Actual Expectation Previous
21/Feb U.S. – Markit Manufacturing PMI (Feb) 54.90 55.50
21/Feb U.S. – Existing Home Sales (Jan) 5.63M 5.57M
22/Feb U.S. – FOMC Meeting Minutes
22/Feb U.S. – Kansas Fed Manufacturing Index (Feb) N/A 16.0
26/Feb U.S. – Dallas Fed Manufacturing Index (Feb) 29.52 33.4

Sumber: R&D ICDX




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