As they await this month’s FOMC meeting, which will begin tomorrow, the financial markets are in a virtual holding pattern. It is widely expected that the Federal Reserve will raise the interest rates as one of the outcomes of this meeting.

Today’s report of new jobs added in February came in well above analysts’ estimates. Before the release of the report, analysts estimated that a total of 190,000 new jobs were added in February.

traders await tomorrow’s jobs report, along with next week’s FOMC meeting, gold continues to lose value. Obviously, the looming interest rate hike has not been fully factored into gold’s current pricing.