Gold prices settled with a modest gain on Wednesday, then moved up further after Federal Reserve officials signaled that they're almost ready to taper their bond-buying and expect to raise interest rates by late 2022. December gold GCZ21, -0.87% was at $1,785.80 an ounce in electronic trading, following a settlement at $1,778.80, up 60 cents, or 0.03%, for the session. One thing worth noting is how much is now priced in. A taper this year – most likely announced in November – a rate hike late next year and no major downside risks materialising. The only thing missing is higher inflation or a faster recovery through the winter, both of which could hasten the Fed’s tightening and accelerate gold’s decline. But there is a long list of uncertainties going into the final months of the year. And with so much now priced in, just because the Fed is moving to a tightening path, it doesn’t mean gold is in freefall. The momentum indicators will be interesting to watch in the coming weeks.