The major focus of precious metals traders continues to be the FOMC meeting which began today, and will conclude on Wednesday.

As of 3:30 PM EST, both gold and silver are trading lower on the day. A stronger U.S. dollar is a major component of today’s decline in pricing. Currently, the dollar index is trading at 90.38, up approximately 2/10 of a percent.

Prior to this week’s presidential inauguration President Biden detailed the administration’s plan to address the health and economic crisis created from the global pandemic.