Review of EGU Price for the Past Week
The following is the daily gold price change of Everest Gold (from 18 to 24 January 2021).
Statistics from the past seven days showed that the EGU prices have risen by less than 1% on one day, increased by 1% to 2% on two of the days and the price increased above 2% in the remaining days.
Market News Recap
The market saw a fall in the US Treasury yields last week, signalling a possible bullish phase for gold. Even amid fluctuations of the US Treasury yields and dollar, analysts predict that gold prices may still rise to over USD 1,900 per ounce on a short-term resistance level. The US dollar also fell to a one-week low, making it cheaper for investors holding other currencies to purchase gold.
Gold fell 0.2% to USD 1,867.56 per ounce on 22 January, after gaining 1.7% on 20 January and hitting its highest since 8 January at USD 1,874.86. However, gold still sees the possibilities of a bullish phase after Joe Biden’s swearing in as the 46th president of the United States. Despite a divided Congress, analysts believe that Biden and the Republicans will try to deliver a USD 1.9 trillion coronavirus relief bill proposal, keeping gold rallying as an inflation hedge. Gold prices are also simultaneously supported by the European Central Bank’s dovish monetary policy.
Meanwhile, the vaccine rollouts’ effectiveness remains uncertain as coronavirus cases and death tolls continue to rise. Many are also concerned about new virus strains and their possibility of resistance to current vaccines. More countries may implement lockdown measures—a move that will prompt more fiscal rescue efforts and support gold prices.
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