Gold futures are definitely under pressure today, with the most active August 2023 contract down $8.70 or 0.44% and fixed at $1972.10.

The CME’s FedWatch tool is predicting that there is a 99.8% probability that the Federal Reserve will implement a ¼% rate hike on July 26 when the next FOMC meeting concludes.

Investors are hoping for the rate hike pause implemented by the Federal Reserve to continue into the July FOMC meeting.