Gold futures rallied to reach their highest levels since late 2012 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 % was up $45.90, or .7%, at $1,730.20 an ounce in Thursday dealings after trading as high as $1,735.50. It marked the highest intraday level since November 2012. For the week, the precious commodity is on track to gain more than 5%.

May silver gained 56.5 cents, or 3.7%, at $15.77 an ounce. For the week, the white metal is on track for a gain of 8.7%.

Regular trading on Comex will effectively be closed on Friday due to Good Friday holiday.

Source: Marketwatch