The global gold market continues to benefit from safe-haven demand amid the ongoing Israel-Hamas conflict, which shows no signs of ending. This precious metal has seen modest yet resilient gains, despite the Federal Reserve's September meeting minutes indicating their commitment to maintaining a "higher for longer" monetary policy stance. The Federal Open Market Committee (FOMC), the policymaking body of the Fed, remains inclined to support interest rate hikes until they are confident that inflation is returning to the 2% target.
The gold market has been witnessing a steady rise after bouncing back from its seven-month low last week. While there are still some risks in the market, analysts from the World Gold Council (WGC) suggest that the selling pressure seen last month might present a buying opportunity for investors.