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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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 15 to 21 March 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 two remaining days.

Market News Recap 
Gold prices dropped last week as a report from China revealed that the country’s industrial output and retail sales have been surging in the first two months of the year, hinting at economic recovery. In addition, the surge in US Treasury yields kept bullion under pressure.    

However, gold prices hovered near their highest on Wednesday in more than two weeks due to higher inflation, going up 0.2 percent at USD 1,734.   

Furthermore, Federal Reserve Chairman Jerome Powell promised to keep interest rates near zero in a bid to sustain the US’ economic recovery, even amid the potential scenario of inflation exceeding 2 percent this year. This statement contributed to Wednesday’s boost in prices.  

On Thursday, gold prices dropped due to a surge in bond yields and a strengthening US dollar, overall hammering gold’s appeal to investors.  

However, the situation reversed on Friday, as US Treasury yields dropped and the US dollar eased. Gold rose to USD 1,745.31, its highest this month. 

Analysts say gold is viewed as a hedge against higher inflation due to stimulus measures. Additionally, the Federal Reserve’s comments on interest rates were in favour of gold. However, the rise in Treasury yields is continuously dulling the appeal of gold. Despite that, the first high-level US-China meeting got off to a rocky start on Thursday, thus supporting the prices of gold—seen as a safe-haven asset to have during times of political uncertainties.  

Sources:
1. Gold sheds gains on hopes of swift recovery after China data – The Business Times 
2. Gold firms on inflation bets; focus on Fed policy verdict – The Business Times
3. Gold rises 1% after Fed reaffirms dovish stance – The Business Times
4. Gold slips as US yields spike; palladium at one-year peak – The Business Times
5. Gold up, heads for second weekly rise as US dollar eases off session high – The Business Times
6. High US bond yields cap gains in equities – Bangkok Post 
7. Daily gold price history – USA Gold


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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 8 to 14 March 2021). 

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

Market News Recap 
Gold prices slumped to a nine-month low on Monday, but a pullback in Treasury yields helped spark a recovery mid-week above the psychological USD 1,700 mark.  

Gold prices rebounded on Tuesday as US Treasury yields edged lower, thus raising the appeal of holding gold.  

However, gold prices dropped the following day by 0.2 percent. This is against the backdrop of the rising US yields, continued vaccine roll-outs and the passing by Congress of the USD 1.9 trillion stimulus package on Wednesday.   

On Thursday, gold prices attempted to rise by 0.2 percent to USD 1,729.24 per ounce.  

Nevertheless, the presence of firmer US bond yields and the strong dollar pressured gold prices to ease once again on Friday.  

According to analysts, gold prices increased above USD 1,700 this week but could not break higher than USD 1,740. Prices need to break higher at USD 1,760 for gold to remain bullish.  

One main factor contributing to the increase in gold prices this week was the announcement of the European Central Bank to ramp up its bond purchases. However, higher bond yields still had the most impact on gold prices. 

Analysts are still holding out for a strong resurgence in prices this year, though. Goehring & Rozencwajg Associates believe a full turnaround is coming in the second half of the year. In addition, Barrick Gold CEO Mark Bristow observes that many investors are currently overly enthusiastic about riskier assets that don’t have real value. Such behavior could trigger a crash in the future, which will lead to a spike in gold as investors will end up seeking safe-haven assets. 

Sources:
1. Gold eases on firmer US yields, but set for best week in seven – The Business Times 
2. Gold scales one-week peak as dollars, US yields ease – The Business Times
3. Gold falls back as US yields, dollar advance – The Business Times
4. Gold recovers from nine-month low as US yields retreat – The Business Times
5. Gold prices are beholden to bond yields – The Business Times
6. Is the worst behind us? Here’s what’s next for gold price – 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 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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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 15 to 21 February 2021).

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

Market News Recap
It was a turbulent week for gold, marked by dips and recoveries. Bullion hit a seven-month low and fell by 2.4 per cent last week—its largest weekly drop since the second week of January.

Early last week, even as the US dollar edged lower, gold prices fell due to a rise in long-term US treasury yields. On Wednesday, February 17, gold prices dropped to a 2.5-month low of USD 1,768.60.

However, gold rebounded the following day, rising 0.4 per cent at USD 1,782.64 per ounce. This recovery was propelled by a drop in US Treasury yields and the return of Chinese dip buyers from the Lunar New Year holidays.

On Friday, gold slumped again as both the US dollar and Treasury yields rallied. The trend was again reversed on Saturday, as the US dollar fell once more.

Going forward, yields will continue to put pressure on gold prices. Expectations of higher inflation are driving up Treasury yields, putting pressure on bullion.

However, anticipating prices for the year, analysts say gold will benefit from low real interest rates and expansionary monetary policy in the US. Think of gold’s behaviour like a tsunami, say analysts from Commerzbank—its prices may be receding now, but will surge back with force in the future.  

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Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 8 to 14 February 2021). 

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

Market News Recap
Early last week, a weakening US dollar—coupled with optimism about a US fiscal stimulus—bolstered gold prices. On Wednesday, gold rose by 0.2% to US$1,840.96 per ounce. However, gold faltered the following day, as the US dollar rallied after experiencing a two-week low. Gold fell by 0.9% to USD 1,826.00 per ounce on Thursday. Throughout the week, gold failed to rebound to USD 1,850.00 an ounce. 

Analysts say that if gold retreats below USD 1,800.00 as it did earlier this year, a large number of investors will be compelled to sell. “Gold’s inability to trade back over US$1,850 has triggered profit-taking as the sharp USD decline has eased,” said Tai Wong, head of precious metals derivatives trading at the Bank of Montreal. 

Peter Hug, global trading director at Kitco Metals, believes it may take a while to see a resurgence of gold prices to the upside. However, he adds that a range of scenarios could take place, and that gold prices could land anywhere between USD 1,780.00 and USD 1,850.00 in the coming week. 

Analysts also point out that in the long term, inflation will cause gold to rally, especially if the Biden administration gets approval for its proposed fiscal stimulus package. Should gold prices continue to dip now, it would be a good opportunity to buy at a cheaper price now for investors who can hold out for rewards in the longer term. 

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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 7 February 2021). 

Statistics from the past seven days showed that the EGU prices have risen by less than 1% on three days, increased between 1% to 3% on three of the days, and the price increased above 3% on one of the remaining days. 

Market News Recap
Pressure from a rising US dollar and increasing global bond yields pushed the price of gold below the psychological level of USD 1,800 in the first week of February. This was brought on by growing confidence in the US economy’s recovery, reflected in a two-month high in the Dollar Index. A decrease in jobless claims in the US also indicated that the country’s labour market was stabilising. On February 4, as a result of these circumstances, gold dropped to its lowest price since December 1, at USD 1,784.76. 

However, the week ended on a more optimistic note. Gold managed to reverse the downward trend, bouncing back to USD 1,810.26 per ounce on February 5. This was brought on by a 0.6% fall in the US dollar, as well as the release of the Labor Department’s employment report, which revealed that job losses in December 2020 were steeper than initially estimated. The data is believed to increase support for the Democrats’ USD 1.9 trillion COVID-19 relief package. The US House of Representatives approved the Democrats’ budget proposal, taking the stimulus package a step further towards approval. 

With the possible inflation and weaker currency such a stimulus package can cause, gold remains an attractive hedge for investors. “Beyond the near term, we believe the outlook remains constructive for gold given the fiscal stimulus is likely to result in large US twin deficits,” said Standard Chartered analyst Suki Cooper. 

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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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