Gold prices soared more than 4% on Monday, shrugging off early losses after the U.S. Federal Reserve took aggressive new steps to combat the economic impact of the coronavirus outbreak, boosting investor sentiment.

Spot gold jumped 4.1% to $1,559.55 an ounce by 17:48 GMT. U.S. gold futures settled 5.5% higher at $1,567.60 an ounce.

Among other precious metals, silver jumped 4.9% to $13.19 an ounce, on track for its third straight session of gains.

Platinum gained 3.8% to $634.32 per ounce, while palladium rose 1% to $1,658.50.