Speaking at the European Central Bank annual conference in Sintra, Portugal today Chairman Powell made it clear that the Federal Reserve was committed to reducing inflation even if it means raising interest rates to levels that put economic growth at risk.

Both spot gold and gold futures closed lower on the day. However, in both cases, there was fractional buying bidding the precious yellow metal higher as well as dollar strength taking away all of those gains.

Analysts and investors are waiting for two critical government reports due out on Wednesday and Thursday of this week.