Gold futures settled slightly lower on the day, with the most active December Comex contract currently fixed at $1,229.60, a net decline of $0.50 on the day. However, gold scored modest gains this week. Gold opened on Monday at approximately $1,221.10, and it is currently fixed at $1,229.60, resulting in an eight dollar gain this week.

Buyers have been bidding up gold to higher values over the last two days, although you would never would that by looking at the net change in prices. Renewed and elevated concern over the trade dispute that is now being labeled as a trade war between the United States and China has continued to be highly supportive of the U.S. dollar.

Possibly one of the most important sources of economic information to be released this week is the minutes from the September FMOC meeting held by the Federal Reserve, which has been released today.

For the most part, gold has held on to the recent gains which occurred on Thursday of last week and continued into trading yesterday. Currently, gold futures basis the most active December Comex contract is trading down $2.30 and is fixed at $1,228 per ounce.

Gold prices recovered the incremental price decline on Friday and are now trading above Thursday's closing price. On Thursday of last week, gold prices rose from the opening price of $1,197 to $1,230 by the closing bell.

Gold had one of its most dynamic days yesterday as it opened below $1,200 per ounce and closed $30 higher, settling at $1,227 per ounce. Today gold prices have retreated slightly, giving back a measured portion of yesterday’s gains.

As of 4:35 PM Eastern standard time, gold futures are currently down $6.30, with the most active December Comex contract fixed at $1,221.30.

Over the last few days, we have seen market sentiment shift from an overall bullish demeanor in regard to U.S. equities to a bearish outlook. The Dow Jones Industrial Average has now lost over 5% in trading since Wednesday, with a net decline of over 1,300 points in just two days of trading.

Today, U.S stocks experienced their worst performance since February. Compared to the most significant single-day drop, the Dow’s performance today was still no walk in the park. In February, the Dow Jones Industrial Average plunged 1,175 points for a net decline of 4.6% on the day. Today the Dow scored its second worst day of the year by closing down 831 points, a net decline of 3.6%.

Although gold prices continue to be range bound, gold is trading fractionally higher on the day. Gold futures basis the most active December Comex contract is trading up $4.80 and fixed at $1,193.40.

Gold is trading under dramatic pressure today, with the most active Comex futures contract currently fixed at $1,191.40, which marks a net decline of $14 (-1.16%) on the day.

Gold opened at $1,206.70 this morning, which is just above its 50-day moving average. After trading to a high of $1,208, gold began to sell off and broke below $1,205.70, which is the 50- day moving average.