Gold rose more than 1% today, rebounding from a steep decline across precious metals in the previous session, amid investor hopes the U.S. Federal Reserve will cut interest rates to cushion the impact of the fast-spreading coronavirus.

Spot gold gained 1.2% to $1,603.19 per ounce by 09:04 GMT. U.S. gold futures rose 2.5% to $1,606.00.

Gold prices plunged over 4.5% on Friday, with precious metals joining a broader market selloff as investors liquidated positions to meet margin calls in other assets.