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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