Gold Nears $4,400 as Rupiah Weakens

RRI.CO.ID, Jakarta - Gold prices have risen again, approaching $4,400 per troy ounce, while the Indonesian rupiah is trading weaker against the US dollar.

Selling pressure on bonds has eased as global crude oil prices have recently declined. The 10-year US Treasury yield stands at 4.95%, while the US Dollar Index remains around 100.4.

The rupiah remains vulnerable to further depreciation as the US Dollar Index continues to trend higher. In morning trading, the rupiah weakened to around Rp17,885 per US dollar.

Market participants are closely watching expectations for future interest-rate moves. Higher global financing costs continue to put pressure on the financial sector.

Meanwhile, the Jakarta Composite Index opened higher at around 6,392, although it has frequently traded lower during the session. The recent decline in global crude oil prices was seen as providing some support for Asian stock markets.

Brent crude is currently holding near $100 per barrel. However, continuing tensions in the Middle East remain a risk for commodity prices and financial markets.

Investors are also watching diplomatic developments at the United Nations this week. Markets will also monitor key US economic indicators for further signals about the future direction of Federal Reserve policy.

Gold prices have strengthened to around $4,371 per troy ounce, equivalent to approximately Rp2.51 million per gram. Gold prices have strengthened while crude oil prices have stabilized after coming under significant pressure.

Writer: Gunawan Benjamin (Economist, UISU)