Gold futures had declined for the last nine consecutive days taking prices dramatically lower from just under $1980 per ounce to yesterday’s low of $1914.

The release yesterday of the minutes from the July FOMC meeting sparked a major selloff in US bonds and notes taking yields to their highest levels since 2011.

The minutes from the July FOMC meeting were released today. The document indicated that most Federal Reserve officials still believe that high levels of inflation are an ongoing threat and merit additional interest rate hikes.