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Gold futures settle back above $1,400 an ounce

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Gold futures rallied Tuesday to settled back above the key $1,400 mark, recouping much of the hefty losses they suffered in the previous session. Safe havens shined brightly Tuesday “as global slowdown worries are growing,” said Edward Moya, senior market analyst at Oanda. “The initial trade truce risk-on rally is over, and markets have little to show in hopes of a trade deal getting finalized anytime soon.” August gold GCQ19, +1.48% rose $18.70, or 1.4%, to settle at $1,408 on Comex. It fell 1.7% Monday, for the largest one-day loss since June 2018, according to FactSet data.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.
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