Don’t rock the boat baby, don’t tip the boat over. These lyrics by the Hues Corporation are incredibly appropriate when considering today’s statement made by the Federal Reserve following this month’s FOMC meeting. The statement indicated that they would leave interest rates as they are and maintain their projected pace to raise rates two more times this year.

A combination of selling and dollar strength continues to weigh heavily on gold pricing. Recent price declines beginning on April 16 have resulted in gold losing almost $50 in value. After trading to an intraday high of $1,358 per ounce, in just nine trading days gold hit its lowest trading point since March 1 of this year.

The precious metals complex is trading lower on the day, and with the exception of palladium, today’s lower pricing is a combination of selling pressure and a stronger dollar. The dollar index continues to strengthen, gaining over a third of a percent today, trading up 30 points and currently fixed at 91.65.

Although the dollar traded fractionally lower on the day, it is the highs achieved today along with the inability to sustain those new price highs that created a single day candlestick known as a shooting star.

Gold, silver, and platinum have closed lower today. However, gold is the only precious metal to have any selling pressure. Traders have bid the precious yellow metal fractionally lower today (-$0.40). Both silver and palladium had fractional upside ticks in terms of the buy-side of the equation.

Any hope for potential support and subsequent reversal in gold was short-lived as a strengthening U.S. dollar and a predominantly bearish sentiment took prices lower today. Gold futures are currently trading off by nine dollars to be fixed at $1,324 per ounce, a net decline of -0.67%.

The yield on the 10-year Treasury notes climbed to 3% today, the first occurrence of a 3% rate since back in 2014.

The precious metals complex has traded under pressure today with U.S. dollar strength contributing the most significant percentage of today’s decline.

My subscribers and readers of my daily column know that I have an intrinsic bias towards gold. This bias is in relationship to the finite quantity of gold when compared to fiat currencies.

Gold is trading unchanged on the day, but only until you factor in dollar strength. As of 3:15 PM Eastern standard time, physical gold is currently trading off by $4.30 and is fixed at $1,344.90. However, the KGX (Kitco Gold Index) reveals that dollar strength accounts for all of today’s $4.30 decline.