Gold surges 3% and has largest daily gain since June 2016 as the Fed delivers a surprise emergency rate cut, the first since 2008
(Reuters) – Gold surged over 3% yesterday after the U.S. central bank cut interest rates to help cushion the economy from damage caused by the coronavirus outbreak and on expectations of policy easing by other major central banks.
Spot gold climbed 2.9% to $1,636.25 an ounce by 02:19 p.m. EST (1919 GMT), set for its biggest one-day percentage rise since June 2016. U.S. gold futures settled 3.1% higher at $1,644.40.
Prices earlier soared as much as 3.3% after the U.S. Federal Reserve cut interest rates in an emergency move to safeguard the world’s largest economy from the impact of the coronavirus.