One might think that with the increased geopolitical uncertainty and recent dollar weakness that gold would have strong gains. However, that is absolutely not true in trading today.

Gold investors and traders are reacting strongly to any shift in the Federal Reserve’s narrative concerning upcoming interest rate hikes. This was seen on Friday when a single article published by the Wall Street Journal resulted in strong gains for gold.

Gold futures basis the most active December 2022 contract as of 5:05 PM EDT is currently fixed at $1662.50 after factoring in today’s net gain of $25.70 or 1.57%.