Gold reached a seven-year high as massive U.S. filings for jobless benefits and sweeping steps by the Federal Reserve to shore up the economy bolstered demand for the metal as a haven.
Futures advanced as much as 4.2% after the Fed announced as much as $2.3 trillion in additional aid Thursday, including a pledge to provide support to risky corners of financial markets that have been some of the hardest hit by fallout from the coronavirus pandemic.
That came as a report showed U.S. jobless claims surged for a third straight week. The metal closed at the highest since late 2012 as investors sought insurance against the possibility of further economic slowing, even as U.S.