EGU Monthly Report | Gold concludes its fourth weekly gain for May; edging closer to USD 1900 an ounce

Review of EGU Price for the Last Month
Statistics from the past 31 days showed that the EGU prices have risen by less than 1% on 22 days and increased between 1% to 11% across nine days. EGU prices hit the highest, at above 10% on 28 May, the day where EGU Conversion officially started.  

Market News Recap
Gold had a victorious start in May as it reached USD 1,830.41 per ounce, hitting past its highest mark since February. The declining US jobs growth in April had resulted in a drop in bond yields and the dollar, thus boosting gold prices by 3.5 percent in the first week of the month. 

Gold remained optimistic in the second week of May, despite a slight pressure from US Treasury yield and the dollar index. Supported by the contracting US job growth and inflation concerns, gold settled at USD 1,829.61 per ounce for the week.  

Gold was bullish in the following week, rising to USD 1,876.42 per ounce. The surging Covid-19 cases in several Asian countries and the latest volatility in cryptocurrencies had regained gold’s appeal as a safe-haven asset. As a result, gold secured a weekly gain of 1.9 percent.  

The last week of May concluded that gold is on a trajectory for its fourth weekly gain this month. During mid-week, gold hit USD 1,899.11 per ounce, its highest mark since January, against a weakening US dollar and bond yields. As the dollar index and US Treasury yields regained momentum towards the end of the week, gold remained steady at USD 1,896.71 per ounce, gaining 0.8 percent for the week. 

Margaret Yang, a strategist at DailyFX, observed that the recent dip in cryptocurrencies had supported gold’s appeal as a substitute investment asset. As a result, gold is surging ahead with the possibility of hitting past the resistance level of USD 1,900 hereafter. In addition, the rising inflationary pressures will continue to support gold in the long term.

Sources:
1. May EGU Weekly Digests   
2. Gold hovers near 4½-month high on tepid dollar, inflation jitters – The Business Times 
3. Gold firms near 4½-month peak on weaker US dollars, yields – The Business Times 
4. Gold flat as dollar, yields firm ahead of US inflation data – Kitco

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