As of 430 EDT, physical gold is currently fixed at $1276.60, a net loss of $5.40 on the day. This price decline can be broken down into its components, which for today are four-parts selling and one-part dollar.

After trading to an intraday low of $1273.60, gold prices recovered as the U.S. equities markets went negative, closing up three dollars at $1283.50.

Traders, analysts, and market participants have been intensely focused on who will be at the helm of the Federal Reserve come February of next year, as well as on the potential for a tax cut.