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.
The rise in treasury yields as well as the dollar is predicated on the belief that the Federal Reserve will continue to keep current elevated rates for a longer time with a high likelihood of having one more rate hike of ¼% this year. The Fed is resolute in reducing inflation to its 2% target. This is coming in at an exceedingly high price, with the Federal Reserve sustaining large operating losses which now are more than $100 billion. According to The Hill,"the Fed's losses will continue accumulating at about $2.5 billion per week as long as interest rates remain at current levels. By Sept.