EGU Weekly Digest | Gold anticipated to rise in 2021 as expectations of hefty US pandemic relief package outweigh optimism over vaccine

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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