EGU Weekly Digest | Gold rebounds after a rocky start but soon sees pressure from rising yields

Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 to 7 March 2021).

Statistics from the past seven days showed that the EGU prices have risen by less than 1%. 

Market News Recap 
Gold prices rebounded earlier in the week, with spot gold rising 1 percent to USD 1,750.49 per ounce after dropping 2.1 percent to the lowest close since mid-June last Friday.  

On Tuesday, gold prices slumped to the lowest in eight and a half months, as a stronger dollar and rise in US Treasury yields eroded investors’ appetite for the metal. Spot gold dropped to its lowest since June 15 at USD 1,708.60.

Gold prices attempted to rebound on Thursday, but headed for a third weekly loss the following day as it declined to USD 1,693.14 an ounce.  

As inflation pushes US Treasury yields higher, gold prices will continue to be pressured in the near term.  

However, Evy Hambro, global head of thematic and sector-based investing at BlackRock, stated that from a longer-term view, gold prices will move higher, given supportive trends such as rising incomes in emerging markets boosting physical demand, and the continuing decline of global annual mine production.  

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