Yesterday the Federal Reserve initiated their first interest rate hike since 2018, taking the Fed Funds rate from 0 - ¼% to ¼% - ½%. The rate hike of ¼% was not only anticipated by market participants but was also factored into current pricing.

The Federal Reserve concluded its March Federal Open Market Committee (FOMC) meeting today with the anticipated initiation of “liftoff”, or interest rate normalization by raising the Fed Funds rate by ¼%.

As of 3:40 PM, EST gold futures basis the most active April 2022 Comex contract continues its steep decline currently down $43.50 or 2.22% and is fixed at $1917.50.