The release of the Federal Open Market Committee (FOMC) minutes from last month's meeting sent shockwaves through the gold market, triggering a dramatic selloff.

The gold market has been a battleground between bulls and bears, with traders grappling with a complex web of macroeconomic and geopolitical factors.

Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10.