Gold futures closed higher Tuesday as investors rushed toward safety plays amid a global stock-market downdraft. June gold closed $10.30, or 0.8%, higher at $1,229.60 an ounce, after retreating Monday on worries that the Federal Reserve might lift benchmark interest rates sooner than later. On Tuesday, the yellow metal drew support from growing concerns about the global economy, which pushed investors into assets viewed as havens. Gold is "moving higher today on the back of the risk-off trade," said Naeem Aslam, AvaTrade's chief market analyst, in a note. May silver ended sharply higher, up 1.2% at $15.12 an ounce.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.