(Bloomberg) — Gold jumped after the Federal Reserve cut its benchmark interest rate by a full percentage point to near zero, sending U.S. equity futures tumbling, and pointing to another volatile week as markets brace for more moves from the world’s central banks.

Bullion climbed 3% as the U.S. central bank moved to cushion the economy from the fallout of the coronavirus. Prices fell the most since 1983 last week as investors rushed to raise cash to cover losses in other markets, while a stronger dollar also curbed the metal’s appeal.

The Fed announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent. Wild swings across markets have become an almost daily occurrence as investors assess the efficacy of actions by authorities to contain the virus pandemic. U.S. equity futures dropped about 5%, hitting limits on trading, after stocks climbed more than 9% on Friday, while the yield on 10-year Treasuries declined more than 30 basis points.

“Gold is slowly getting its groove back,” Edward Moya, a senior market analyst at Oanda Corp., said in a note. “Prices will ultimately benefit from all this global monetary and fiscal stimulus. Gold should grind its way back above $1,600 an ounce after we see all the other central banks ramp up their efforts this week.”

Lower rates typically boost the appeal of gold, which doesn’t offer interest. Fed Chairman Jerome Powell said policymakers must do what they can and economic growth is likely to be weak in the second quarter while reiterating his opposition to negative interest rates.

Elsewhere, New Zealand’s central bank also cut rates in an emergency move, while the Reserve Bank of Australia will announce further policy measures on Thursday. The Bank of Japan strengthened stimulus but stopped short of cutting its negative interest rate at an early meeting Monday.

Gold rose more than $45 to $1,575.47 an ounce and was 0.9% higher at $1,542.80 by 1:23 p.m. in Singapore. Silver climbed almost 3% before erasing gains to trade 0.3% lower, while palladium dropped 1.5% and platinum added 0.4%.

Base Metals

Governments worldwide continue to work to slow the spread of the coronavirus, including closing schools and restaurants. The U.S. Centers for Disease Control and Prevention recommended postponing any events with more than 50 people for the next eight weeks.

Base metals were mostly lower, with copper extending losses following a three-week slump. Sentiment weakened for industrial metals after China’s economic activity, including output, retail sales, fixed-asset investment, contracted more than expected in the first two months of the year.

Iron ore steadied in Singapore after China reported record steel production for the first two months of the year.

–With assistance from Winnie Zhu and Krystal Chia.