This week was certainly ripe with major events, each of which has had a direct and immediate impact on gold.

A combination of factors, which have had a profound impact on the U.S. equities markets, have resulted in U.S. equities trading dramatically lower and moving into corrective territory. These factors have also created bullish tailwinds for gold prices.

The much-anticipated FOMC meeting concluded today, resulting in an announcement that they will raise the Fed funds rate by 25 basis points (1/4%). This was in complete alignment with existing market sentiment.