EGU Weekly Digest | Gold continues to be bullish in the short term amid the prospect of U.S. new fiscal stimulus

Review of EGU Price for the Past Week

The following is the daily gold price change of Everest Gold (from 2 November 2020 until 8 November 2020).

Statistics from the past seven days showed that the EGU prices have risen by less than 1% on six days and increased by 2% to 3% on one day.

Market News Recap

Last week, the victory by Joe Biden, the Democratic presidential candidate, raised the prospect of U.S. new fiscal stimulus. It has caused the U.S. dollar to drop, pushing gold prices up by nearly 4%, its best weekly gain in six weeks.

Analysts expect gold to remain bullish in the short term. Gold is expected to rise to USD 2,000 per ounce by the end of this year and to rise 10% to USD 2,200 – USD 2,300 per ounce next year. Analysts also recommend investing around 5 – 10% of investment portfolios in gold to diversify risk effectively.

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