Review of EGU Price for the Past Week
The following is the daily gold price change of Everest Gold (from 12 to 18 April 2021).
Statistics from the past seven days showed that the EGU prices have risen by less than 1% on five days, and increased between 1% to 2% on the remaining two days.
Market News Recap
It was an enthusiastic week for gold, as the asset headed straight for its second weekly gain. Gold experienced a slight drop at the start of the week but was soon supported by weakening US Treasury yields and a weakened US dollar.
Gold prices fell 0.3 percent to USD 1,738.12 per ounce last Monday due to a temporary rise in US Treasury yields and a stronger US dollar. However, the situation reversed on Wednesday and spot gold rose 0.2 percent to USD 1,747.49 per ounce.
The latest economic data from the US suggests a higher than anticipated rise in inflation, contributing to the appeal of gold. The recent hike in US consumer prices and uncertainties over Johnson & Johnson’s Covid-19 vaccine also supports gold’s status as a safe-haven asset for investors in turbulent times.
The US dollar weakened further on Thursday. Major global stock indices also fell. These factors favoured an increase in gold prices. Gold prices then continued to remain bullish towards the end of last week—breaking above the resistance of USD 1,750 and setting a new highest mark since February.
Global economic optimism due to China and the US rapid economic recovery will result in investors seeking riskier assets. However, Analyst Stephen Innes, Chief Global Market Strategist at financial services firm Axi, observed that the huge inflow of stimulus money would result in inflation, which would in turn support gold into the long term.
1. Gold prices slip as Treasury yields, dollar firm on upbeat US data – The Business Times
2. Gold edges higher as dollar dwindles after US inflation data – The Business Times
3. Gold gains on weaker dollar; retail sales, jobless data eyed – The Business Times
4. Gold hovers near more than one-month high as bond yields slip – The Business Times
5. What’s the real price of gold? – Kitco
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