The rise in gold prices hit a new high in nearly nine years, as the U.S. dollar fell to a two-year low and the market expected more stimulus measures

The price of gold rose by nearly 1% on Thursday, reaching a level slightly below US$1,900 per ounce. The US’s initial jobless claims last week were boosted by the weakening of the US dollar and hopes of introducing more stimulus measures to revive the economy hit by the epidemic. The increase has caused people to worry about the slowdown in economic recovery.

Suki Cooper, an analyst at Standard Chartered Bank, said that the macro environment continues to develop in a favourable direction for gold, the US dollar index has weakened to a two-year low, and real yields have fallen further in the negative region.

The U.S. dollar fell 0.3% and hit a low in almost two years earlier in the session, making gold less expensive for investors holding other currencies; non-interest-bearing gold has soared 24% this year, affected by low interest rates and major central banks. Broad stimulus support.

A senior aide said on Thursday that Republicans in the U.S. Senate plan to propose another direct distribution of cash to the American people in the next aid bill; the number of initial jobless claims in the United States unexpectedly rose last week, the first time in nearly four months, indicating that the labour market has stalled amidst the rebound in the number of new cases and sluggish demand.