The dollar opened at 106.81, traded to an intraday high of 106.97 (just below yesterday’s high), and then traded to a lower low and lower close than yesterday. Currently, the dollar index is down - 0.18% and fixed at 106.53. The chart below is a long-term daily Japanese candlestick chart of the dollar index.

Gold continues to trade under pressure trading dramatically lower for the last seven consecutive days. Today gold traded to a low of $1830.90, a low not witnessed in gold futures since Thursday, March 9.

This is the second largest monthly decline this year with only February having a greater devaluation of gold futures. In February gold prices dropped by $108.60 a decline of 5.37%, September will come in as a close second giving up $99.80 or 5.08%.

Apologizes for the delay in releasing today's interview with David Lin and me.

David Lin of the Daivid Lin report discuss the impacts to markets that a government shutdown may have, as well as the broader economic ramifications of the Fed's decision to keep rates high.

*This video was recorded on September 28, 2023

Gold pricing can best be characterized as having a virtual price meltdown this week. Since Monday gold has decreased by approximately $54 in value with two trading days remaining.

Gold futures had a double-digit price decline today with the most active December futures contract giving up $17.80 or 0.92%. As of 4:57 PM EDT gold futures are currently fixed at $1918.90 after opening this morning at $1935.10. Gold traded to a high of $1935.50 just $0.40 above its open, and a low of $1917.20.

Never assume one has a good read on upcoming decisions by the Federal Reserve regarding changes to their monetary policy. While it was correctly assumed that the Fed would pause rate hikes at Wednesday’s FOMC meeting, the updated dot plot was like a curveball that few if any were able to anticipate.

The rate hike pause by the Federal Reserve was already factored into market prices; but the hawkish tone almost assures that interest rates will remain elevated not only through the rest of this year but well into 2024 was not. The revision to the Federal Reserve’s monetary policy sent shockwaves through the financial markets at large.

Today, the Federal Reserve concluded the September FOMC meeting. As it pertains to gold, gold spiked to its intraday high of $1968.90 immediately following the release of the policy meeting statement which included the most current revised economic summary or dot plot.

The Federal Reserve will conclude the September FOMC on Wednesday. The meeting will be capped with a new policy statement and interest rate decision which will be released at 2 PM EDT and a press conference by Chairman Powell to be held at 2:30 PM EDT.