EGU Weekly Digest | Gold sees potential in being bullish due to coronavirus fears and weakening US dollar

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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