Gold futures declined today but rallied off session lows, closing at $3,640. Prices stalled after hitting a new all-time high of $3,675 on Monday, likely in anticipation of next week's FOMC meeting. Volatility has also moved lower, with the CME Group's CVOL Index now just above its year-to-date low. All eyes are on the upcoming FOMC meeting, where a 25 basis point rate cut is fully priced in, and investors will be looking for forward guidance from the Fed Chair.