Gold prices continue to trade under pressure resulting in another double-digit price decline today. As of 5:23 PM EDT gold futures basis, the most active December 2022 Comex contract is trading down by $13.60 or 0.78% and currently fixed at $1722.70.

As of 5:05 PM EDT gold futures basis, the most active December Comex contract is currently fixed at $1735.60 after factoring in today’s decline of $14.10 or 0.81%.

Powell’s resolute keynote speech on Friday shook the financial markets to their core. The effect that Chairman Powell had when he rebuffed expectations of the Fed’s tempered monetary policy was strong.