EGU Weekly Digest | Gold falls as Fed dampens hopes for fiscal stimulus

Review of EGU Price for the Past Week

The following is the daily gold price change of Everest Gold (from 16 November 2020 to 22 November 2020).

Statistics from the past seven days showed that the EGU prices have risen by less than 1% on three days and increased by 1% to 2%  across two days. The price increased between 2% to 3% in one of the days. For the remaining days, the prices rose by more than 3%.

Market News Recap

Due to the Federal Reserve’s reluctance to expand its fiscal stimulus lending programs, gold has come under pressure recently as the market has been hit by uncertainty. Analysts said that despite the current impasse in fiscal stimulus talks, the Federal Reserve has kept the low-interest rates and monetary easing policies, which will continue to support gold prices and remain positive in the long run.  Analysts also believe that the outcome of the fiscal stimulus and the latest progress in the global epidemic will be the main factors affecting the gold trend at this stage.

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