With the FOMC meeting scheduled to begin tomorrow, market participants have continued the bearish market sentiment so prevalent last week. Since reaching a high just below $1300 on June 6th, gold prices have traded lower.

Gold had been trading dramatically higher from the recent low of $1215 achieved on May 9^th. Over the last month, gold pricing had gained roughly $84, trading at a new yearly high on Tuesday of this week, when prices reached $1298 per ounce.

Two key events occurred today which have had an adverse impact on gold prices, being cited as underlying factors for today’s dramatic selloff.