BANDA ACEH | ACEH INFO – Gold experienced one of its best weekly performances in the third week of August 2024 by rocketing to new all-time highs in the spot and futures markets.
Spot gold prices started the week at USD 2,429.49 per ounce or equivalent to IDR 38.1 million (assuming an exchange rate of IDR 15,697 per US dollar), before moving up sharply during the Asian and European sessions.
Gold took a one-day break last week, trading in the range of USD 2,458 and USD 2,478 per ounce until US data on Wednesday halted its gains, with spot gold dropping to a daily low of USD 2,440 per ounce.
As for the fourth week of August 2024, the Kitco News Weekly Gold survey shows the majority of industry experts and retail investors believe gold prices could surpass all-time highs this week.
What is the Potential for Gold Price Movement This Week After Touching a Record?
VR Metals/Resource Letter publisher Mark Leibovit said he sees no reason to doubt gold and silver could post near-term gains next week.
“Should provide the benefit of the doubt for gold and silver,” Leibovit was quoted as saying by Kitko, Sunday (18/8/2024).
Then, Managing Director at Bannockburn Global Forex, Marc Chandler sees consolidation for the yellow metal in the near future before reaching new record highs. According to him, gold prices are in a range close to record highs.
“I don’t think the yen trade is back in vogue, but instead the broader dollar move is weakening, it’s supporting gold. Also, despite stronger US retail sales and the lowest weekly jobless claims in 5 weeks, the 10-year Treasury yield was essentially flat this week,” Chandler explained.
Chandler added that markets are also looking forward to Fed Chair Jerome Powell’s speech at Jackson Hole next Friday which is likely to frame next month’s cut as less of a loosening of monetary policy, but more of an easing.
Turkish League is in chaos again, Fenerbahce boss attacked!
Violence has returned to the Turkish League. The president of Fenerbahce, Ali Koc, was the victim of an attack by spectators who broke into the field!
The incident occurred in the Turkish League match between Goztepe vs Fenerbahce, Sunday (18/8/2024). The two teams drew 2-2.
Ali Koc was at the time of the incident with Fenerbahce’s general secretary, Burak Kizilhan. Both were seen walking on the sidelines after calming Fenerbahce fans who had not entered the stands.
When he was about to walk towards the stands, Ali Koc was thrown a bottle from the stands. He tried to avoid the bottle before finally falling after being pushed from behind by a stocky figure.
Fenerbahce strongly protested the attack on Ali Koc. The Yellow Canaries accused the attacker of entering the field with the opposing team’s accreditation card.
“Without any reason, our president was attacked from behind by a football terrorist with a Goztepe accreditation card. After the vicious attack, although the authorities stated that the person in question was taken to the club to give a statement, it was discovered that the person continued to follow the rest of the match with his accreditation card,” said Fenerbahce’s official statement.
“No action was taken against him, and it was revealed to the public thanks to the attention of a journalist that he left the stadium with a wave and changed clothes,” he explained.
This is not the first time a riot has occurred in the Turkish League. In March 2024, Trabzonspor fans entered the field and attacked several Fenerbahce players.
Referees have also been victims of violence in the Turkish League. Referee Halil Umut Meler was hospitalized after being assaulted by MKE Ankaragucu boss Faruk Koca at the end of 2023. Koca was later sanctioned with a lifetime ban on football activities in Turkey.
The IHSG opens strong as Jokowi reshuffles the cabinet
The Composite Stock Price Index (JCI) strengthened in stock trading this morning. Had been in the red zone, JCI was then at 7,438.67 or up 6.58 points (0.09%) at 9:02.
Quoted from RTI data, Monday (19/8/2024), JCI opened at 7,432.09. JCI was at its highest level at 7,441.17 and lowest at 7,427.47.
This morning’s transaction volume was recorded at 515.27 million shares with a value of Rp 287.72 billion. Meanwhile, 33,759 transactions were recorded.
Exchanges in Asia moved variably. Nikkei 225 fell 0.06%, Hang Seng rose 1.24%, Shanghai Composite Index rose 0.75%, Straits Times Index fell 0.14%.
Domestically, news about the cabinet reshuffle is in the spotlight. President Joko Widodo (Jokowi) is scheduled to reshuffle the cabinet today. The information was confirmed by Presidential Staff Coordinator, Ari Dwipayana.
Ari said Jokowi is scheduled to inaugurate several Ministers, Deputy Ministers, and several Heads of Agencies at the State Palace.
“The Ministers and Heads of Agencies that will be inaugurated by the President are as follows: Minister of Law and Human Rights, Minister of Energy and Mineral Resources, Minister of Investment, additional Deputy Minister of Communication and Information, Head of the National Nutrition Agency, Head of the Presidential Communication Office, and Head of the Food and Drug Administration,” Ari told reporters, Monday (19/8).