Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 1 to 11 July 2021). 

Statistics from the past week showed that the EGU prices have increased between 0% to 4% across 11 days.   

Market News Recap 
The Federal Reserve’s monetary policy and overall condition of the US economy continued to impact global gold prices last week. In June, US companies hired the most workers in 10 months. The seemingly stronger-than-expected rebound in the US employment market has dampened investor sentiment on gold slightly. 

However, on closer look, the latest economic data revealed that benchmark 10-year Treasury yields have dropped to their lowest in more than four months—suggesting that the US economy’s rebound is not as robust as it seems. Last Thursday, the European Central Bank also announced that it would adopt a symmetric 2 percent inflation target over the medium term. 

Last Tuesday, spot gold steadied at USD 1,792.34, close to a two-week high. The dollar remained subdued after Wednesday’s release of minutes from the Fed’s latest meeting. As a result, gold recovered from weeks of consolidation and ended the week at USD 1,803.01 per ounce.  

The final major factor impacting gold in the short- and medium-term is the Covid-19 pandemic. A recent global rise in coronavirus infections caused by the virulent Delta variant could slow economic recoveries for some time and cause consumers to seek safe haven in gold.  

Sources:
1. Gold eases off two-week high as US dollar firms – The Business Times
2. Gold hovers near two-week high on softer dollar, Fed minutes awaited – The Business Times
3. Gold slips from three-week peak as dollar firms ahead of Fed minutes – The Business Times 
4. Gold steady above USD 1,800 as lower yields counter strong dollar – The Business Times 
5. Gold strangely finds comfort from the Fed hawkish tilt – The Business Times 
6. ECB’s governing council approves its new monetary policy strategy – European Central Bank Press Release

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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 to 20 June 2021). 

Statistics from the past week showed that the EGU prices have risen by less than 1% on five days and increased between 3% to 4% on the remaining two days.   

Market News Recap 
Last week, gold prices went on a steady decrease, hitting USD 1,797.25 per ounce last Thursday. This drop brought gold close to its lowest price since 6 May 2021. The sudden change was caused after a majority of the Federal Reserve officials announced their projected increase in rates early, causing the dollar to reach a two-month high along with higher benchmark yields. 

“There’s growing nervousness about rising inflation and the feeling in precious metal markets is that central banks have to start to respond a bit more aggressively to these inflationary pressures,” ED&F Man Capital Markets analyst Edward Meir said. He also mentioned that while gold could face a “short-lived” setback, it will still likely be bought “on the dips” over rising inflation concerns.  

Given the progress in vaccination, the US central bank also said it would take into consideration whether to cut back its asset purchases, and downgraded the risk from the COVID-19 pandemic. “If the economic recovery that is just beginning leads to further rising prices, this should also support the yellow metal,” said Alexander Zumpfe, senior precious metals trader at Heraeus. 

In spite of the US Federal Reserve’s aggressive announcement on monetary policy affecting the bullion’s appeal, spot gold was up 0.6 percent at USD 1,784.16 per ounce on Friday. ED&F Man Capital Markets analyst Edward Meir said, “the reaction in gold has been somewhat overdone but despite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So, after a little bit more weakness here, gold prices will regroup and push higher.” 

Sources:
1. Gold slides over 1 percent on dollar strength as Fed meeting looms – The Business Times
2. Gold drops to near four-week low as key Fed meeting in focus – The Business Times
3. Gold falls on bets US Fed may outline taper plan – The Business Times
4. Gold slides below USD 1,800 after Fed’s hawkish tilt – The Business Times
5. Gold ticks up but eyes worst week since March 2021 after hawkish Fed – The Business Times
6. Gold collapses on Fed’s more hawkish outlook – The Business Times

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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 to 13 June 2021). 

Statistics from the past week showed that the EGU prices have increased between 0% to 1% on all seven days. 

Market News Recap 
Last week, gold prices remained stable just below USD 1,900 per ounce as investors awaited economic news from the European Central Bank (ECB) policy meeting and the release of the Federal Reserve’s US inflation data. US economic data helps inform investors of potential inflationary pressure, which in turn impacts the price and role of gold in portfolios. 

At the beginning of the week, the dollar index held steady and US benchmark 10-year Treasury yields hovered at a month-long low. On Tuesday, spot gold dropped 0.2 percent to USD 1,895.59; two days later, it dropped 0.1 percent to USD 1,886.66 per ounce as the dollar traded higher ahead of the meeting of European Central Bank and the Federal Reserve’s US inflation data release later in the day. 

The reveal of the US inflation data on Thursday drove lower bond yields and a pullback in the dollar. The rise in US inflation was not significant enough to change the Federal Reserve’s current dovish economic stance, nor did it shake investor confidence in the Fed’s management of the nation’s economic growth. Overall, prices rose more than 0.5% last week, and gold ended the week just above USD 1,900 per ounce. 

Jeffrey Halley, senior market analyst at Oanda, says, “The FOMC (Federal Open Market Committee) next week is now likely to be a non-event. Gold looks set to test resistance at USD 1,920 early next week, as the asset price appreciation trade gains new momentum.”

Sources:
1. Australia: shares inch higher as gold stocks shine; New Zealand rises – The Business Times
2. Gold prices dip on strong dollar ahead of US inflation data – The Business Times
3. Gold subdued with focus on US data, ECB meeting – The Business Times
4. Gold reclaims USD 1,900 mark as dollar, yields slip after US data – The Business Times
5. Gold hangs on to USD 1900, supported by ECB decision and US inflation data – The Business Times
6. Gold slips as dollar strengthens on transitory inflation view – The Business Times
7. Precious – gold hovers near USD 1,900 per ounce as dollar, yields dip after US data – Reuters
8. Precious – gold tops USD 1,900 per ounce mark as dollar, yields dip after US data – Reuters

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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 6 June 2021). 

Statistics from the past 6 days showed that the EGU prices have risen by less than 1% on four days and increased between 1% to 4% on the remaining two days. 

Market News Recap 
Gold continued its upward momentum and hit past its resistance level of USD 1,900 at the start of last week. On Monday, gold rose 0.4 percent to USD 1,909.81 per ounce, supported by growing inflation concerns. The recent hike in US consumer prices increased gold’s demand as a hedge against inflation.  

On Tuesday, gold climbed 0.2 percent to USD 1,911.45 per ounce against the backdrop of a weakening US dollar and continuous inflationary pressure. The dollar index had dropped 0.3 percent, making gold cheaper for investors outside of the US.  

However, the situation reversed mid-week as gold dropped 0.1 percent to USD 1,898.58 per ounce on Wednesday. The US Treasury yields recovered overnight and climbed to more than a week’s high, increasing the opportunity cost of holding gold. On the other hand, robust US economic data signalled a recovery in the economy, resulting in investors seeking riskier assets over gold.  

On Thursday, gold plummeted 1.9 percent to USD 1,871.91 per ounce due to a rise in the dollar index and a drop in US unemployment claims. The US dollar rose 0.7 percent, while US unemployment claims fell below 400,000, suggesting a robust recovery in the labour market.  

Gold recovered 1 percent to USD 1,889.27 per ounce at the end of the week after US employment numbers failed to grow as much as projected. Bob Haberkorn, a Senior Commodities Broker at RJO Futures, predicted that gold would continue to ride on last month’s bullish sentiments and rise back up above USD 1,900 next week. With the ongoing inflationary pressure, signs of monetary policy tightening would be the only thing that might derail gold’s upward trend.  

Sources:
1. Gold set for best month since July 2020 on softer dollar, inflation woes – The Business Times 
2. Gold scales near five-month peak on weaker dollar, inflation worries – The Business Times
3. Gold retreats from near five-month peak on firmer yields, equities – The Business Times
4. Gold slides over 2 percent as strong US data bolsters FED taper bets – The Business Times
5. Gold rebounds as US non-farm payrolls fall short of expectations – The Business Times
6. Gold price holds bullish line: Inflation and US dollar are key for next week – Kitco

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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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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 10 to 16 May 2021). 

Statistics from the past 7 days showed that the EGU prices have been stable within a range of 0.04%.

Market News Recap 
Gold remained promising after last week’s exciting gains. Gold increased 0.1 percent to USD 1,832.26 per ounce last Monday, supported by declining US job growth. The US central bank is expected to stall for time for inflation and employment numbers to start rising. As such, the interest rate for the dollar index is kept low, boosting the metal’s appeal to investors outside of the US.  

On Tuesday, gold hovered around USD 1,836.26 per ounce due to the weakening of US Treasury yield and the increase in the dollar index. Bond yields have been kept below 1.6 percent, while the dollar index increased by 0.1 percent.  

However, the situation reversed mid-week as rising bond yields and the strengthening of the US dollar dampened the rise of gold prices, dropping to USD 1,832.73 per ounce. Moreover, the dollar index increased by another 0.1 percent again, reducing the appeal of gold for other currency holders.  

Towards the end of the week, gold bounced back and rose 0.2 percent to USD 1,829.61 per ounce on Friday. Stephen Innes, a managing partner at SPI Asset Management, stated that gold is likely to remain supported as there is no sign of a rise in interest rates on the horizon.  

Harshal Barot, a Senior Research Consultant for South Asia at Metals Focus, also noted that bond yields would remain lower if inflation is temporary. The expectations of inflation will bring about bullish sentiments in the gold market.

Sources:
1. Gold firms as US jobs data miss cements low rates view – The Business Times 
2. Gold flat as US yields negate firmer dollar – The Business Times
3. Gold eases on firmer dollar, yields; all eyes on US inflation data – The Business Times
4. Gold edges up as weaker dollar counter rate jitters – The Business Times

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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 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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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 19 to 25 April 2021).  

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

Market News Recap 
Gold experienced numerous fluctuations throughout this week. Prices rose 0.1 percent to USD 1,777.33 per ounce last Monday due to a drop in US Treasury yields and a weaker US dollar. However, a slight rise in bond yields on Tuesday caused spot gold to back-pedal and drop 0.2 percent to USD 1,766.32 per ounce. 

The situation reversed again as bond yields pulled back on Wednesday. Gold rose 0.2 percent to USD 1,779.85 per ounce against the backdrop of falling bond yields and the continuous weakening of the US dollar. The US dollar index had dropped 0.1 percent to its lowest in more than six weeks, making gold cheaper for investors outside of the US.  

Gold prices remained bullish on Thursday, increasing to USD 1,793.32 per ounce due to bond yields dropping lower than 1.6 percent. IG Market Analyst Kyle Rodda says, “The upswing (in gold) is underpinned by that dynamic in US Treasuries.” He mentioned that a continued drop in yields could push gold past USD 1,800 per ounce. 

However, gold lost its momentum towards the end of the week and fell 0.8 percent to USD 1,770.04 per ounce as bond yields rose in view of strong US economic data. US new-home sales recovered since March, while the output of manufacturers and service providers reached its highest peak in April, boosting hopes for a global recovery.    

Nevertheless, the recent rise in cases of Covid-19 in India, Brazil, and other countries will continue to increase the appeal of gold as a safe-haven asset. 

Sources
1. Gold firms as softer US dollar, yields lift appeal – The Business Times 
2. Gold eases off seven-week peak as US yields rebound – The Business Times
3. Gold gains as softer US dollar, yields lift appeal – The Business Times
4. Gold nears US$1,800 level as US dollar, yields retreat – The Business Times
5. Gold set for third straight weekly gain as US yields, dollar pull back – The Business Times
6. Gold erases gains as US data refuels recovery optimism – The Business Times
7. Gold approaches US$1,800 while palladium breaks record to near US$2,900 – The Business Times 

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 12 to 18 April 2021).  

Statistics from the past seven days showed that the EGU prices have risen by less than 1% on five days, and increased between 1% to 2% on the remaining two days.

Market News Recap 
It was an enthusiastic week for gold, as the asset headed straight for its second weekly gain. Gold experienced a slight drop at the start of the week but was soon supported by weakening US Treasury yields and a weakened US dollar.   

Gold prices fell 0.3 percent to USD 1,738.12 per ounce last Monday due to a temporary rise in US Treasury yields and a stronger US dollar. However, the situation reversed on Wednesday and spot gold rose 0.2 percent to USD 1,747.49 per ounce. 

The latest economic data from the US suggests a higher than anticipated rise in inflation, contributing to the appeal of gold. The recent hike in US consumer prices and uncertainties over Johnson & Johnson’s Covid-19 vaccine also supports gold’s status as a safe-haven asset for investors in turbulent times.  

The US dollar weakened further on Thursday. Major global stock indices also fell. These factors favoured an increase in gold prices. Gold prices then continued to remain bullish towards the end of last week—breaking above the resistance of USD 1,750 and setting a new highest mark since February.  

Global economic optimism due to China and the US rapid economic recovery will result in investors seeking riskier assets. However, Analyst Stephen Innes, Chief Global Market Strategist at financial services firm Axi, observed that the huge inflow of stimulus money would result in inflation, which would in turn support gold into the long term.

Sources:
1. Gold prices slip as Treasury yields, dollar firm on upbeat US data – The Business Times 
2. Gold edges higher as dollar dwindles after US inflation data – The Business Times
3. Gold gains on weaker dollar; retail sales, jobless data eyed – The Business Times
4. Gold hovers near more than one-month high as bond yields slip – The Business Times
5. What’s the real price of gold? – Kitco

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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 11 April 2021). 

Statistics from the past 11 days showed that the EGU prices have risen by less than 1% on seven days and increased between 1% to 3% on the remaining four days. 

Market News Recap 
Last Monday, gold prices were steady, at USD 1,728.60 per ounce, after the announcement of the USD 2 trillion-plus jobs plan by US President Biden. A rise in vaccinations and additional pandemic relief stimulus cheques helped the US economy get off to a strong start in March; this year could be the US’s strongest economic performance in four decades. 

Gold prices rose on Tuesday to their highest levels in over a week, reaching USD 1,735.30 per ounce. A weakened dollar and pullbacks in US bond yields increased demand for the metal, as investors rushed to other assets with higher potential returns. 

As gold prices had been bullish for the past two days, profit-taking resulted in a natural pullback in prices. Investors cashed out their profits on Wednesday, causing gold prices to drop by 0.3 percent. The softened yields, said analysts, point towards a situation where central banks would remain dovish and support gold throughout the medium term.  

Uncertainties among investors regarding interest rates led to a slight fall in gold prices on Thursday, though they stabilised later in the day. Analysts say there is an expectation that interest rates will be hiked in early 2022, thus increasing the opportunity cost of holding gold. Despite this, gold prices have been supported by lower US dollar and Treasury yields.  

Towards the end of the week, gold prices fell again in response to indications of a potential recovery for China’s economy. Ravindra Rao, vice-president, commodities at Kotak Securities, explained, “Gold is facing some headwinds due to optimism around the recovery story as a result of strong data that has been coming out of the United States and China”. 

Brian Lan, managing director at dealer GoldSilver Central observed that the weakening of the US dollar and Treasury yields, lockdowns in Europe, and the Federal reserve’s dovish tone continue to support recent gold prices throughout the week. After two weeks of losses, the metal has gained 1.2 percent this week.  

Sources:
1. Gold steady as inflation bets counter firm US dollar, yields – The Business Times 
2. Gold steadies amid recovery optimism after US jobs report – The Business Times
3. Gold hits over one-week high as dollar, yields slip – The Business Times
4. Gold dips as strong US data sparks economic recovery hopes – The Business Times
5. Inflation worries keep gold steady after Fed maintains stance – The Business Times
6. Gold slips after promising China data – The Business Times

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