EGU Weekly Digest | US dollar remains the main influence on gold

1) Review of EGU Price Change

The following is the daily gold price change of Everest Gold (from 7 September 2020 until 13 September 2020).

According to the statistics for the past 7 days, EGU prices have risen by less than 1% on one of the days and increased by 1% to 2% on three other days. For the remaining days, the prices increased between 2% to 3%. This goes to show that if the user trades on our platform with a fixed amount of 2,000 EGU each time, the capital will be approximately USD 1,296 and the accumulated profit will amount to USD 158 in 7 days. This means that the user will be able to achieve an ideal return on investment of 12.20%. Therefore, seizing more trading opportunities will allow a higher return on investment.

2) Review of Market News

Last week, the market’s focus was mainly on the interest rate decisions of the European Central Bank (ECB) and the Bank of Canada. The Euro rose against the US dollar for the first time this month due to the monetary policy decisions made by the ECB. This resulted in the fall of the US dollar and the rise in the gold price. However, demand for liquidity prompted gold holders to sell and cash out which caused the Euro to fall sharply, the US dollar to rebound, and gold to fall under pressure.

According to the Kitco News weekly gold survey, although there is a shift in sentiments, some analysts expect massive fiscal stimulus and monetary easing policies to continue to provide support for gold prices. Hence, it can be concluded that the US dollar will remain as the main influence on gold.

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