Shafaq News / Gold jumped more than 1.5 percent, to reach its highest level in more than seven years, with investors scrambling to seek safety in the yellow metal, amid concerns about the effects of Corona virus on the global economy and US corporate profits.

The price of gold in immediate transactions exceeded the barrier of $ 1700 an ounce to touch its highest level since December 2012, earlier in the session. In late trading, the precious metal was up 1.7 percent, at $ 1717.36 an ounce.

US contracts of gold rose 0.5 percent, to settle at $ 1761.40 an ounce, after recording the highest level during the session since February 2013 at $ 1769.50.

In an effort to keep the economy afloat in light of the outbreak of Coronavirus, which has forced 16.8 million Americans to apply for unemployment benefits since the week ending March 21, the US central bank announced Thursday a $ 2.3 billion stimulus package.

The European Union finance ministers also agreed to half a trillion euros of economic support, but they left the question of how to fund the recovery in heading towards a deep recession, without an answer.

Among other precious metals, palladium rose 2.5 percent to $ 2227.40 an ounce, while platinum fell 0.4 percent to $ 745.21 an ounce. Silver settled at $ 15.32 an ounce.