Gold futures rose the most since March 2009 as commodities and equities rallied amid optimism that European leaders will take steps to resolve the region’s debt crisis. In the previous three sessions, gold tumbled 12 percent, the most since 1983, on sales by investors to cover losses in other markets amid mounting concern that the global economy would slump.

Gold futures for December delivery gained $64.90, or 4.1 percent, to $1,659.60 an ounce by 10:23 a.m. on the Comex in New York. A close at that price would mark the biggest gain for a most-active contract since March 19, 2009. Yesterday, the metal tumbled as much as $104.80 to $1,535, the lowest since July 8.