Amidst today’s chaos and a complete reversal in U.S. equities and extreme dollar strength, gold exhibited price resilience. As of 4:20 PM, EDT gold futures basis most active June contract is fixed at $1878.80, up $10.00 or +0.54%.

The Federal Reserve concluded the May FOMC meeting and, as expected, announced that it will raise its Fed funds rate by 50 basis points (1/2%).

In March of 2020, members of the Federal Reserve held an emergency meeting in which they announced that they would reduce the benchmark interest rate (Fed funds rate) to between 0 and ¼%.