Gold futures rallied to settle at their highest level in seven-and-a-half years on Thursday, getting a boost as the U.S. dollar declined on the back of the Federal Reserve's new lending plans which aim to support the hit to the economy from the coronavirus pandemic.
The Federal Reserve on Thursday set up new loan programs and bolstered existing ones in an effort to provide $2.3 trillion to boost the economy.
June gold on Comex rose $68.50, or 4.1%, to settle at $1,752.80 an ounce in Thursday dealings after trading as high as $1,754.50. It marked the highest most-active contract settlement since October 2012 according to FactSet data. For the holiday-shortened week, the precious commodity rose roughly 7%.
May silver gained 84.8 cents, or 5.6%, at $16.053 an ounce. For the week, the white metal gained about 9.6%.
Source : Marketwatch