Gold prices jump to the highest level since 2012

Gold prices during the last trading operations reached it's highest levels since the end of 2012, amid the low dollar value due to the policies of the US central bank.

Earlier Thursday, the US Federal Reserve (FRS) announced a new lending programs and expanded existing programs in an effort to provide $ 2.3 trillion in economic support to the economy against the backdrop of the emerging Coronavirus epidemic in the country.

A statement by Federal Reserve Chairman Jerome Powell indicated that the bank is trying to "provide as much support and stability as possible" during the current crisis.

"The market is awash with money from central banks around the world, and this very mysterious period is pushing the price of gold up significantly," quoted Market Watch, quoted Oanda's chief market analyst Craig Erlam as saying.

Gold contracts for Comex in June, rose by 3.6% to reach $ 1744.6 an ounce, the highest level since November 2012, and since the beginning of the week, the precious metal added more than 5% to its price.

Silver prices for May rose 4.5% to become $ 15.895 an ounce, and in this week, it increased by 8.7%.

Platinum price for July rose 2.2% to reach $ 749.6 an ounce, while palladium contracts in June rose 0.5% to reach $ 2105 an ounce.

The ICE U.S. Dollar index also fell, which shows the value of the US dollar against six major global currencies, it fell by 0.56%.

Sources:

Al Jazeera