Now for the second consecutive week, gold futures have closed lower. Gold hit its highest price point this month last week, the week of April 19, with market participants taking gold futures just a couple of dollars short of $1800 per ounce.

It was a combination of three related economic events that pressured gold in trading today. These events resulted in an extended trading range for gold.

The Federal Reserve concluded its FOMC meeting today, which was followed by a statement and then a press conference including a question-and-answer period by Chairman Powell.