EGU Weekly Digest | Gold heads for a third weekly gain despite robust US manufacturing data

Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 17 to 23 May 2021). 

Statistics from the past 7 days showed that the EGU prices have risen by less than 1% on three days and increased between 1% to 6% on the remaining four days.

Market News Recap 
Following last week’s optimism, Gold was bullish at the start of the week as it rose 0.2 percent to USD 1,870.73 per ounce on Tuesday. Concerns over surging Covid-19 cases in some Asian nations resulted in gold reaching its highest peak in three months. 

John Feeney, a Business Development Manager at Sydney-based bullion dealer Guardian Gold Australia, stated that inflation concerns are boosting gold prices. On the other hand, fears over the mutation of Covid-19 strains resulted in gold regaining its appeal as a safe-haven asset.  

Gold remained steady in mid-week at USD 1,868.07 per ounce, supported by a pullback of the US dollar. On Thursday, gold climbed 0.3 percent to USD 1,875.74 per ounce, against the backdrop of inflationary pressures and slight gains in the dollar index and US Treasury yields.  

On Friday, gold hovered around USD 1,876.42 per ounce due to the rebounding of the US dollar. The recent booming economic data from the US manufacturing sector supported the recovery of the dollar index. However, gold is still on its weekly gain of 1.9 percent. 

The Federal Reserve’s notes from its policy meeting on Wednesday pointed at the possibility of a shift in future monetary policy, which might negatively affect gold. Nevertheless, HSBC believes that gold prices will continue to rise. In addition, the recent volatility in cryptocurrencies has also supported gold as a safe-haven asset. Overall, gold is on a trajectory for its third consecutive gain this month.  

Sources:
1. Gold advances to three-month high on virus woes, inflation – The Business Times 
2. Gold prices hover near four-month high ahead of US Fed minutes – The Business Times
3. Gold ticks higher on inflation anxiety but firm US dollars caps gains – The Business Times
4. Gold eases as dollar climbs on strong US data but set for weekly gain – The Business Times
5. Golds rush to break USD 1900 on inflation expectations cut short by Fed’s taper talk – The Business Times

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