Gold

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.