Gold continues to trade in an extremely narrow range as the precious yellow metal reacts to two opposing forces: rising interest rates and inflation. However, the recent price declines in gold have been shallow and short-lived at best.

Gold traders experienced extreme price volatility beginning with a $70 drop on Monday and Tuesday, higher prices on Wednesday and Thursday, and a final price decline on Friday.

Yesterday’s conclusion of the June FOMC meeting was followed by a statement as well as a press conference by Chairman Powell.