Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 to 11 July 2021). 

Statistics from the past week showed that the EGU prices have increased between 0% to 4% across 11 days.   

Market News Recap 
The Federal Reserve’s monetary policy and overall condition of the US economy continued to impact global gold prices last week. In June, US companies hired the most workers in 10 months. The seemingly stronger-than-expected rebound in the US employment market has dampened investor sentiment on gold slightly. 

However, on closer look, the latest economic data revealed that benchmark 10-year Treasury yields have dropped to their lowest in more than four months—suggesting that the US economy’s rebound is not as robust as it seems. Last Thursday, the European Central Bank also announced that it would adopt a symmetric 2 percent inflation target over the medium term. 

Last Tuesday, spot gold steadied at USD 1,792.34, close to a two-week high. The dollar remained subdued after Wednesday’s release of minutes from the Fed’s latest meeting. As a result, gold recovered from weeks of consolidation and ended the week at USD 1,803.01 per ounce.  

The final major factor impacting gold in the short- and medium-term is the Covid-19 pandemic. A recent global rise in coronavirus infections caused by the virulent Delta variant could slow economic recoveries for some time and cause consumers to seek safe haven in gold.  

Sources:
1. Gold eases off two-week high as US dollar firms – The Business Times
2. Gold hovers near two-week high on softer dollar, Fed minutes awaited – The Business Times
3. Gold slips from three-week peak as dollar firms ahead of Fed minutes – The Business Times 
4. Gold steady above USD 1,800 as lower yields counter strong dollar – The Business Times 
5. Gold strangely finds comfort from the Fed hawkish tilt – The Business Times 
6. ECB’s governing council approves its new monetary policy strategy – European Central Bank Press Release

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