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Gold Price Today: Increasing nearly 7% for the whole week

09:33 | 12/04/2020

Gold Price Today April 12 recorded an increase of nearly 7% for the whole week, consolidating its gains as the effect of the Federal Reserve's latest $2.3 trillion loan schemes (FX Street).

gold price today increasing nearly 7 for the whole week Dollar Exchange Rate Today April 11: Euro is trading flat to higher against Dollar
gold price today increasing nearly 7 for the whole week Euro To Dollar Exchange Rate Today April 11: Euro set to end the week on a strong note
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gold price today increasing nearly 7 for the whole week
Gold Price chart April 12 (Photo source: Gold Price)

Gold Price Today April 12 increased by 39.1 USD to 1,688.78 USD/ounce.

Price of gold futures delivered in May on Comex New York increased by 50.4 USD to 1,724.5 USD/ounce.

Maintaining momentum helped the gold price record an increase of nearly 7% for the whole week.

According to experts' analysis, the world gold price increased sharply last week due to Covid-19 epidemic, which still increased sharply in many countries. In particular, the US not only faced difficulties in dealing with epidemics, but also faced a high unemployment rate, 4 weeks with over 35,000 employees applying for unemployment benefits for the first time.

gold price today increasing nearly 7 for the whole week
Gold Price Performance April 12 (Photo source: Gold Price)

Not only that, but both the Government and the US Federal Reserve (Fed) are constantly launching support packages for businesses, workers and students, but the trend of businesses is closed. The number of workers losing their jobs is still increasing.

The price of gold increased also because of a sharp increase in oil in Asian markets due to the rumors that the world's largest oil producing countries will agree to cut production while oil price is at the lowest level in 20 years.

Oil prices plunged due to a sharp drop in demand due to the impact of the Covid-19 epidemic and the price war between Russia and Saudi Arabia.

gold price today increasing nearly 7 for the whole week
Spot Gold Price Chart April 12 (Photo source: Gold Price)

The fear that the Covid-19 epidemic would not end soon has also turned the world stock market back down on a large scale and made investors slow to buy gold even though most forecast gold will rise sharply in the future, according to FX Street.

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Candy Lee