(Reuters) Gold surged more than 2 percent on Friday on end-of-quarter short-covering, but bullion still posted its largest quarterly loss in at least 45 years due to selling amid fears the U.S. Federal Reserve may wind down its stimulus program.

Bullion’s 2.3 percent rally was particularly impressive on a day that had little macroeconomic news and no dramatic movements in other commodities and financial markets. Silver jumped 6 percent for its biggest one-day jump since January 2012.

After Friday’s rally, gold is still 23 percent lower for the second quarter, its biggest decline since at least 1968, Reuters data shows.

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