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Gold extends gains on surprise Fed rate cut :=

Gold prices rose on Wednesday, after surging more than 3 per cent in the previous session as the US Federal Reserve cut interest rates to help soften the economic blow from the coronavirus outbreak.

Spot gold climbed 0.3 per cent to $1,644.97 an ounce by 0052 GMT, having registered its biggest one-day percentage gain since 2016 in the previous session.

US gold futures gained 0.2 per cent to $1,646.80.

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