Even though gold only gained fractionally on the day, it is showing some signs that it is acting once again as a safe haven asset. As of 4:12 PM Eastern standard time gold futures are currently trading up $1.90, and basis the most active June contract are fixed at $1285.70.

Gold did not exhibit any real follow-through buying after Friday’s dynamic upside move. On Friday gold futures traded from $1271 and closed at approximately $1281 with a respectable $10 gain. As trading began yesterday in Australia gold prices firmed and traded to a high of $1287.40 before prices retraced.

Although gold pricing closed higher on the day and above yesterday’s open, prices still declined for the week. However, one key element in the trading range created this week was the low. Gold futures traded to a low of approximately $1267 per ounce, which matches within a few dollars to last week’s lows.

As far as many precious metal traders are concerned the lack of any mention of an interest rate reduction in yesterday’s FOMC statement or Chairman Powell’s press conference left them feeling that “you can’t always get what you want”. Apparently, it was the U.S. economy that instead “got what it needed” with the data revealing a robust first quarter GDP at 3.2%.

The May FOMC meeting has concluded today and as anticipated the Federal Reserve has left interest rates alone.

Today marks the first day of the Federal Open Market Committee meeting otherwise known as the FOMC, which will conclude on Wednesday. As with all FOMC meetings it is the release of the statement as well as a press conference held by Fed Chairman Jerome Powell that traders and market participants will anxiously await.

Losses across the board in the precious metals today. There was a wide range in the amount lost individual were as gold gave up 0.5% palladium lost a whopping 6% where gold and platinum have given up some of the gains achieved on Friday and palladium and silver giving up more than Friday’s gains.

The precious metals are all experiencing moderate to strongly higher pricing today. The net result is a strong weekly gain for gold and palladium, and fractional moves in silver and platinum. Although both silver and platinum had solid gains on the day, on a weekly basis silver gained approximately five cents and platinum lost approximately two dollars.

Although gold prices closed off of their highs today. As of 4:50 PM Eastern standard time gold futures, basis the most active June contract is trading down $0.10, and currently fixed at $1279.30. The intraday highs achieved today were highly influenced by U.S. equities as the Dow Jones industrial average traded off by 280 points in the morning session.

It seems like the financial markets at least for today are following, to some degree Newton’s third law of gravity which states that “for every action there is an equal and opposite reaction.” In the case of the financial markets if we remove the word equal, we come close to what we are observing today. As far as U.S.