Gold prices ticked 1% higher in Monday’s trading session as the Dow Jones Industrial Average surged to notch its biggest point gain since 2009, but what spurred gold prices was the Federal Reserve rate cut in Tuesday’s trading session.

Wall Street was widely expecting the central bank to implement a rate cut after rates remain unchanged in its last policy meeting earlier this year. In 2019, the Fed instituted three consecutive rate cuts following four rate hikes the previous year.

“We are seeing a little bit of recovery from late last week, (when) there was lot of selling to generate liquidity and cover margins,” said Ryan McKay, a commodity strategist at TD Securities. “There are lot of expectations on interest rate cuts from the Fed, and also cuts from other global central banks … offering very good support.”

Other market experts, however, are leery of Monday’s surge. A rate cut by itself won’t revitalize the markets after the strong start to 2020 before the coronavirus outbreak upended the capital markets.

“If the Fed does step in, the aptly named dead-cat bounce in which prices recover only for a short while, should not be mistaken for resurrected animal spirits,” said Karen Petrou, managing partner at Federal Financial Analytics. “No amount of rate cuts will cure a single coronavirus patient, nor will anyone frightened of illness decide to buy a new house, a car, or even a night out at a restaurant.”

Investors looking to get gold exposure can look at funds like SPDR Gold Shares (NYSEArca: GLD) and the SPDR Gold MiniShares (NYSEArca: GLDM). Precious metals like gold offer investors an alternative to diversify their holdings, and like other commodities, gold will march to the beat of its own drum compared to the broader market.

Traders looking for leverage can use funds like the Direxion Daily Gold Miners Bull 3X ETF (NYSEArca: NUGT), VanEck Vectors Gold Miners (NYSEArca: GDX) and the Direxion Daily Jr Gold Miners Bull 3X ETF (NYSEArca: JNUG).

As for other precious metals, palladium faltered in last Friday’s trading session as it “fell 1.7% to $2,548.32 an ounce, having plunged as much as 13% on Friday, the most since the 2008 financial crisis” according to a CNBC report. “Platinum dipped 0.9% to $855.84, while silver rose 0.5% to $16.75, after both fell to their lowest levels in about six months in the previous session.”

Investors sensing a buy-the-dip move can look at the Aberdeen Standard Phys PalladiumShrs ETF (NYSEArca: PALL). The fund is designed for investors who want a cost-effective and convenient way to invest in palladium with minimal credit risk.

For more market trends, visit ETF Trends.