Gold prices ended the week with little change on the day, and little change when compared to last Friday’s close. Gold futures basis the most active December 2021 contract is currently fixed at $1750.60, which is a net gain of $0.80 (+0.05%) on the day.

It was like a one-two punch taking gold pricing dramatically lower. The first punch occurred yesterday as the Federal Reserve concluded its September FOMC meeting in which revealed a more hawkish demeanor.

As expected, a statement was released after September’s FOMC meeting by Chairman Powell. During his Press conference he expressed that tapering will begin “soon” with no clear-cut date for the initiation of the onset of tapering.