Today we saw fast market action with Gold breaking above $1500 per ounce, after closing above that price point for the first time in a week and a half.

Gold continues to trade under pressure, closing lower on the day and in essence unchanged on the week. As of 4:45 PM EDT gold futures are trading off by $4.60 a net decline of - 0.31%, and fixed at $1493.70.

A combination of geopolitical events has dampened earlier gains in gold futures. The precious yellow metal traded to a high of $1501 per ounce before softening on the close.