Review of EGU Price for the Past Week
The following is the daily gold price change of Everest Gold (from 19 to 25 April 2021).
Statistics from the past seven days showed that the EGU prices have risen by less than 1% on six days, and increased between 1% to 2% on the remaining one day.
Market News Recap
Gold experienced numerous fluctuations throughout this week. Prices rose 0.1 percent to USD 1,777.33 per ounce last Monday due to a drop in US Treasury yields and a weaker US dollar. However, a slight rise in bond yields on Tuesday caused spot gold to back-pedal and drop 0.2 percent to USD 1,766.32 per ounce.
The situation reversed again as bond yields pulled back on Wednesday. Gold rose 0.2 percent to USD 1,779.85 per ounce against the backdrop of falling bond yields and the continuous weakening of the US dollar. The US dollar index had dropped 0.1 percent to its lowest in more than six weeks, making gold cheaper for investors outside of the US.
Gold prices remained bullish on Thursday, increasing to USD 1,793.32 per ounce due to bond yields dropping lower than 1.6 percent. IG Market Analyst Kyle Rodda says, “The upswing (in gold) is underpinned by that dynamic in US Treasuries.” He mentioned that a continued drop in yields could push gold past USD 1,800 per ounce.
However, gold lost its momentum towards the end of the week and fell 0.8 percent to USD 1,770.04 per ounce as bond yields rose in view of strong US economic data. US new-home sales recovered since March, while the output of manufacturers and service providers reached its highest peak in April, boosting hopes for a global recovery.
Nevertheless, the recent rise in cases of Covid-19 in India, Brazil, and other countries will continue to increase the appeal of gold as a safe-haven asset.
1. Gold firms as softer US dollar, yields lift appeal – The Business Times
2. Gold eases off seven-week peak as US yields rebound – The Business Times
3. Gold gains as softer US dollar, yields lift appeal – The Business Times
4. Gold nears US$1,800 level as US dollar, yields retreat – The Business Times
5. Gold set for third straight weekly gain as US yields, dollar pull back – The Business Times
6. Gold erases gains as US data refuels recovery optimism – The Business Times
7. Gold approaches US$1,800 while palladium breaks record to near US$2,900 – The Business Times
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