Gold futures fell Monday to settle at their lowest since December, and silver futures finished at their worst level in over a decade, as the Federal Reserve’s emergency decision to slash interest rates failed to stem losses in the stock market, sending traders scrambling for cash.

Prices for the precious metals, however, managed to significantly cut their losses by the settlement, as short covering kicked in. Gold had dropped more than 4% to hit the day’s low, and silver dropped by as much as 19%.

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