LONDON: Gold jumped on Tuesday as a five-session decline in the bullion market led bargain hunters out in force, with the Federal Reserve’s announcement to relaunch financial crisis-era purchases of short-term corporate debt offering further support.

Platinum and palladium also bounced back, recovering from Monday’s meltdown on concerns of a global recession.

Spot gold jumped 1.5 per cent to $1,536.62 per ounce at 11:32 am EDT (1532 GMT). US gold futures soared 3.3pc to $1,535.60. Silver fell 0.7pc to $12.82, after touching its lowest since 2009 in the last session.

Published in Dawn, March 18th, 2020