It is undeniable that gold prices have been dropping since the failure to take out $1300 per ounce. Nonetheless, gold succeeded in gaining roughly $85 in value as it traded from $1212 the previous month.

Now in its third consecutive week of lower pricing, gold prices drifted lower again today. The most active futures contract (August 2017) settled $2.40 lower today to close at $1244.30.

Last week’s FOMC meeting resulted in statements and policies that reflect a robust U.S. economy, which is recovering from a dramatic recession. As such, actions and statements had a much more hawkish tone than previous FOMC policy meetings.