Gold prices jumped as much as 1.9% on Wednesday on expectations for more fiscal and monetary stimulus measures amid massive economic damage due to stay-at-home and business shutdown orders around the world to limit the spread of the novel coronavirus.

Spot gold was up 1.6% at $1,711.84 per ounce at 17:34 GMT, which could be its biggest daily gain in nearly two weeks. U.S. gold futures settled 3% higher at 1,738.30.

Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement.