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Gold futures up over 3% as Fed opens commercial paper funding facility

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Gold futures moved up sharply on Tuesday, finding support after the U.S. Federal Reserve launched a crisis-era commercial paper funding facility aimed to help businesses suffering from the coronavirus-hit economy. “Risky assets including gold are getting a bid from the Fed’s new commercial paper facility,” said Edward Moya, senior market analyst at Oanda. “The promise of more action for the Fed was what gold needed to rise higher.” April gold GCJ20, +3.15% added $51.10, or 3.4%, to trade at $1,537.60 an ounce. Prices for the most-active contract on Monday had settled at their lowest since Dec. 20, 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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