Gold and silver futures are trading higher as market participants continue to react to multiple events. As of 3:03 PM EST gold futures basis the December contract is currently up $8.60 or 0.49% and fixed at $1748.90.

Today gold futures are trading under pressure as market participants react to multiple events including comments by several Federal Reserve officials, protests in China, Chairman Powell’s upcoming speech, and Friday’s jobs report.

Today the Federal Reserve released the minutes from the November FOMC meeting. The majority of Fed officials agreed that it is better to raise interest rates in smaller increments than the last four rate hikes.

Federal Reserve officials have a wide spectrum of opinions on what to do about inflation that continues to run exceedingly hot. Speaking with CNBC’s Closing Bell, Loretta Mester, Cleveland’s Federal Reserve President said that the pace of rate hikes could be slowed, but inflation figures were not yet convincing enough to stop the hikes entirely.

Market participants are waiting for the release of the minutes from the November FOMC meeting which will occur on Wednesday. The minutes will most likely be the most important financial report released during this shortened holiday week. The Thanksgiving holiday is celebrated in both the United States and Canada.