U.S. gold futures jump to record high above $940

NEW YORK, Jan 30 (Reuters) - New York gold futures accelerated gains to reach a record high above $940 in Wednesday afternoon's electronic trade, as the dollar tumbled after the Federal Reserve slashed key U.S. interest rates by 50 basis points.

At 2:59 p.m. EST (1959 GMT), the active gold for April delivery GCJ8 on the COMEX division of the New York Mercantile Exchange was up $9.40 or 1 percent to $940.20 an ounce in after-hours trading. Before the Fed announcement, the April contract had traded down $4.20 to $926.60. (Reporting by Frank Tang)