The Federal Reserve concluded the September FOMC meeting and as expected announced another rate hike of the “Fed funds rate”, the rate at which commercial banks borrow and lend their excess reserves to each other overnight by 75 basis points.

The Federal Reserve will conclude its September FOMC meeting and release a written statement at 2 PM EDT tomorrow. This will be followed by Chairman Powell’s press conference a half-hour later.

Gold remains relatively muted as market participants await the start of the Federal Open Market Committee meeting tomorrow. As of 5 PM EDT gold futures basis, the most active December contract is currently trading at $1685 with a net gain of $1.50 today.