The first of two key events affecting financial markets this week, this month’s Federal Open Market Committee (FOMC) meeting, has just concluded.

Quiet and subdued action is the underlining characteristic of the day, as market participants await the conclusion of this month’s Federal Open Market Committee (FOMC) meeting.

Under intense selling pressure, the precious metals complex traded dramatically lower on the day. As of 4 o’clock Eastern standard time, gold (spot price) is currently trading at 1257 (-.0.88%), putting it down almost $11 on the day.