Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 18 to 24 January 2021).

Statistics from the past seven days showed that the EGU prices have risen by less than 1% on one day, increased by 1% to 2% on two of the days and the price increased above 2% in the remaining days. 

Market News Recap
The market saw a fall in the US Treasury yields last week, signalling a possible bullish phase for gold. Even amid fluctuations of the US Treasury yields and dollar, analysts predict that gold prices may still rise to over USD 1,900 per ounce on a short-term resistance level. The US dollar also fell to a one-week low, making it cheaper for investors holding other currencies to purchase gold.

Gold fell 0.2% to USD 1,867.56 per ounce on 22 January, after gaining 1.7% on 20 January and hitting its highest since 8 January at USD 1,874.86. However, gold still sees the possibilities of a bullish phase after Joe Biden’s swearing in as the 46th president of the United States. Despite a divided Congress, analysts believe that Biden and the Republicans will try to deliver a USD 1.9 trillion coronavirus relief bill proposal, keeping gold rallying as an inflation hedge. Gold prices are also simultaneously supported by the European Central Bank’s dovish monetary policy.  

Meanwhile, the vaccine rollouts’ effectiveness remains uncertain as coronavirus cases and death tolls continue to rise. Many are also concerned about new virus strains and their possibility of resistance to current vaccines. More countries may implement lockdown measures—a move that will prompt more fiscal rescue efforts and support gold prices. 

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 11 to 17 January 2021).

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

Market News Recap
Gold prices have been turbulent lately with a few highs and lows. Gold experienced a fall of 1.7% to USD 1,816.53 per ounce on 11 January and has hit its lowest price since 2 December 2020. The US 10-year Treasury yield remains firmly above 1%, strengthening the US dollar, which makes gold more expensive for buyers.

However, gold rose rose by 0.2% to USD 1,858.56 per ounce on 13 January as Asian stocks traded lower due to US President Donald Trump’s impeachment after the recent protest at the Capitol. The temporary fall in US Treasury yields and ease in the dollar also contributed to the rise in gold prices. Furthermore, the global economy continues to dampen, with over 91 million global coronavirus infections. As the increase in Covid-19 cases and a new virus strain outweigh the pace of vaccine rollouts, gold is expected to remain bullish in the year 2021. 

Gold prices continue to be pressured by the fluctuations of the US Treasury yields and dollar. Supported by a possible US fiscal stimulus and the Federal Reserve’s dovish monetary policy stance, gold rose 0.1% to USD 1,848.75 per ounce on 15 January. However, gold fell more than 1% at USD 1,827.90 per ounce on 16 January as the US dollar climbed higher. The effect of the rising dollar has offset the bullion’s appeal as an inflation hedge after Joe Biden proposed a USD 1.9 trillion stimulus package. Gold could potentially lose more in the short term but investors remain confident with their focus on the US earnings, increased spending, and the Fed’s support for large stimulus. 

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 to 10 January 2021).

Statistics from the past ten days showed that the EGU prices have risen by less than 1% on eight days and have increased by more than 1% on the remaining days. 

Market News Recap
Gold rose above USD 1,900 an ounce on 4 January—its highest price in two months since 9 November. With a weaker US dollar and declines in US real yields, gold continues to become more appealing. The weakening of the US dollar eased as the country anticipated the Senate run-off elections in Georgia, which would determine the outcome of the upcoming fiscal stimulus. 

However, as the week progressed, nominal bond yields climbed high above 1% and helped the US dollar rebound strongly. Gold fell 0.3% to USD 1,907.66 per ounce on 8 January, since hitting its highest on 9 November at USD 1,945.26 per ounce. 

The riots that erupted on Capitol Hill in Washington DC affected gold prices drastically. But now that the US Congress has finalised Joe Biden’s election as the next US president, a surge in US Treasury yields has caused gold to fall, and gold performance is predicted to remain soft in the short term. With higher bond yields, investors are starting to shift demand to other assets. Gold fell 3.6% at USD 1,843.06 per ounce on 9 January, Saturday, falling below the USD 1,900 mark.

Currently, gold has to compete against higher bond yields and will be more greatly affected by short-term events instead of the upcoming US fiscal stimulus. Gold achieved an increase of 25% in 2020 and analysts believe that gold will remain bullish in the longer term as the Democrat win would indicate more fiscal stimulus, which means a weaker dollar and better support for gold in future.

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Review of EGU Price for the Last Month
Statistics from the past 31 days showed that the EGU prices have risen by less than 1% on 13 days and increased by 1% to 2% across five days. There were 13 days where the gold prices rose beyond 2% with three days edging close to 100% and beyond. This was caused by the market volatility due to the increase in the supply of EGUs and hence, dampened demand.

Market News Recap
Due to the release of COVID-19 vaccines, the prospects of a large US fiscal stimulus and potential economic recovery continued to affect gold prices throughout December. However, US President Donald Trump’s initial reluctance to sign the stimulus bill led to uncertainty, contributing to the US dollar fall of 0.1% against a basket of currencies. This, in turn, caused gold to increase in appeal as an investment. Furthermore, the upcoming Brexit trade deal also boosted gold’s appeal. 

On 27 December, Trump finally signed a USD 900 billion coronavirus fiscal stimulus package, which spurred gold prices to increase by 1% to USD 1,895.03 per ounce on 28 December. The US dollar also edged even lower, supporting gold’s appeal to other currency holders. Gold is now starting to rise steadily after facing a loss due to the optimism over the coronavirus vaccine rollouts last month. 

DailyFX currency strategist, Ilya Spivak, also warns that although the passing of the US stimulus and a Brexit deal may be good news in supporting gold prices, a resurgent pandemic may drive haven-dollar buying, which may cause gold to be unstable. 

Gold increased further towards the end of 2020 as investors looked past the Senate vote delay for the USD 2,000 Covid-19 stimulus checks. Moreover, the prospects of an increased fiscal stimulus caused the US dollar to fall to its lowest in two years, causing gold to rise by 0.7% to USD 1,890.61 per ounce on New Year’s Eve. 

With limited availability of vaccines and a new coronavirus strain found in several countries, the economy’s recovery is still in a speculative state, which means gold will remain relatively bullish. Gold has risen by over 24% as of 2020 as it rides on the prospects of large stimulus measures and steady weakening of the US dollar.

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 14 December 2020 to 20 December 2020).

Statistics from the past seven days showed that EGU prices have risen by more than 1% every day.  The main reason for the market volatility which caused the price to rise beyond 100% is due to the increase in the supply of EGUs which dampened demand.

Market News Recap

The arrival of the Pfizer and BioNTech coronavirus vaccine in the US is the first step in the road to potential economic recovery and an improvement in Asian equities. The possible recovery of the economy caused gold prices to drop at the beginning of last week as major vaccine rollouts surpassed expectations of the US fiscal stimulus. 

However, as the prospects of the vaccine are still uncertain, gold remains relatively bullish as the US dollar weakens further. Central bankers may authorise stimulus programmes soon due to the vaccine rollouts, but ultra-low yield and negative real interest rates are likely to uplift gold prices.  

The bipartisanship of a USD 900 billion coronavirus relief plan could potentially keep interest rates near zero, and thus raise the price of gold. With growing anticipation of the US stimulus, gold rose by 0.1% at USD 1,855,71 per ounce on 15 December and to USD 1,863.89 per ounce the next day. As the fiscal package size remains unknown, investors look to the Bank of England’s policy decisions regarding Brexit, which will influence the gold prices for now. 

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 7 December 2020 to 13 December 2020).

Market News Recap
Speculation over the US fiscal stimulus continues, with the US Senate expected to decide on a stopgap measure to keep the government running. Investors remain hopeful about a more considerable stimulus measure as gold will gain from the prospects of inflation. Although the size of the package is still unclear, gold rose 0.2% to USD 1,867.66 per ounce earlier last week.

Gold prices also eased slightly last week due to COVID-19 vaccine developments. However, optimism over the vaccine rollout has been tempered after two people in Britain suffered adverse reactions, causing the country’s regulator to caution against the use of Pfizer’s coronavirus vaccine for people with a history of severe allergic reactions.

Overall, gold is predicted to remain bullish as governments persist in potential implementation of monetary and fiscal policies. Analysts forecast gold prices to rise to USD 2,100 per ounce by 2021 due to support from a weakened US dollar and a low likelihood of a bear market.

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 December 2020 to 6 December 2020).

Statistics from the past six days showed that the EGU prices have risen by less than 1% on four days, increased by 1% to 2% on one of the days and the price increased between 2% to 3% in the remaining day.

Market News Recap
After hitting a low of USD 1,767 per ounce, gold rose to its highest in four weeks due to the weakened US dollar and gold’s appeal as an inflation hedge against a fresh US economic stimulus. Prices rose by 0.2% to USD 1,843.99 per ounce on Friday, and over 3% in the past week, as poor economic outlook continued to support gold in the short term. 

Even though developments of COVID-19 vaccines have put pressure on gold, fears from the rising number of cases—along with a weaker greenback—have offset vaccine optimism. Analysts believe that if the economic situation continues to be dominated by uncertainty, gold may continue to be bullish in 2021.

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