NEW YORK (TheStreet) -- The gold bullion market has cooled down in the past several days, despite the rising tensions between Russia and U.S and the ongoing fighting between Hamas and Israel. These rising risks didn't seem, for now, to lead to a rise in demand for assets such gold -- usually considered safe haven.

So will gold continue to descend?

This week's recent fall in prices didn't steer investors away from gold investments, though. For one, the SPDR Gold Trust (GLD), the leading gold ETF worldwide, is seeing growing demand. Its gold hoard passed the 805 tons -- its highest level since April of this year. The ETF's current price inched down by 0.1% to reach $125.62 per share. Other precious metals ETFs such as iShares Gold Trust  (IAU) also showed a modest gain in its gold hoard as it reached 165.06 tons of gold -- nearly 0.2% higher than at the end of the second quarter. iShares Gold Trust also slipped by 0.15% yesterday and settled at $12.64 per share.

Read More: Shares Plunge On Weak Earnings

The rising gold hoard in these ETFs serves as a signal about the growing demand for the yellow metal as an investment. But what could determine the future direction of gold? 

One of the driving forces behind the price of gold is the Fed Open Market Committee's monetary policy. Next week the FOMC will convene to decide on any changes to its policy. It is expected to taper its asset purchase program again and end the program altogether by October. The main question remains whether the FOMC will provide some indication as to when it plans to raise its cash rates.

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