EGU Weekly Digest | Gold emerges victorious as it hits past its highest mark since February

Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 to 9 May 2021). 

Statistics from the past 9 days showed that the EGU prices have been stable within a range of 0.06%.

Market News Recap 
It was a victorious week for gold as it gained 3.5 percent over the week. Last Monday, the weakening of US Treasury yields and the recent rise in Covid-19 cases in some countries boosted gold prices by 0.5 percent to USD 1,777.67 per ounce. As a result, gold has gained its appeal as a safe-haven asset. 

Gold remained bullish mid-week. On Thursday, gold increased by 0.4 percent to USD 1,794.30 per ounce. On the other hand, bond yields sank below 1.6 percent, while the dollar index dropped 0.1 percent. Brian Lan, Managing Director at dealer GoldSilver Central, affirms that this helped gold prices break through the USD 1,800 mark.   

Gold experienced a breakthrough in prices on Friday, hitting USD 1,815.88 per ounce, near its highest mark since mid-February. It then continued to surge ahead and rise 0.84 percent to USD 1,830.41 per ounce, concluding its best week in the last six months. Phillip Streible, Chief Market Strategist from Blue Line Futures in Chicago, stated that the decline in US jobs growth in April had pressured bond yields and the dollar, thus boosting gold prices.  

Edward Moya, Senior Market Analyst at Oanda, noted a possibility of gold hitting USD 1,857 and subsequently the USD 1,925 resistance level with the support of weakening yields and the dollar. Meanwhile, inflation expectations will boost gold prices in the long term.  

Sources:
1. Gold gains as rising virus cases, pullbacks in US yields lift demand – The Business Times 
2. Gold gains as subdued US dollar, bond yields lift appeal – The Business Times
3. Gold heads for best week in five months on softer US dollar, yields – The Business Times
4. Gold notches best week in six months on US jobs data miss – The Business Times

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