Gold prices rose on Wednesday, after surging more than 3% in the previous session as the U.S. Federal Reserve cut interest rates to help soften the economic blow from the coronavirus outbreak. Spot gold climbed 0.3% to $1,644.97 an ounce, having registered its biggest one-day percentage gain since 2016 in the previous session. U.S. gold futures gained 0.2% to $1,646.80. The Fed cut interest rates on Tuesday in an emergency move to safeguard the world’s largest economy from the impact of the coronavirus epidemic. Lower interest rates reduce the opportunity cost of holding non-yielding bullion while weighing on Treasury yields and the dollar. U.S. benchmark 10-year Treasury yields hovered close to record lows touched in the previous session, when they slid below 1% for the first time. G7 finance ministers and central bank governors said on Tuesday they would use all appropriate policy tools to achieve strong, sustainable growth and safeguard against risks from the virus, which has fuelled global recession fears.