if youd like to learn about how gold is priced I would recommend...

if youd like to learn about how gold is priced I would recommend looking up Chris Rutherglen (Gold Investor Research). he's an engineer and mathlete who's crunched the numbers on what gold actually correlates with

no asset or money is only driven by one variable

but the no 1 long term correlation for usd gold price is US M2(debt) = though its short term direction is really a function of the US m2/gdp %




this is why precious metals typically uprate hard when US goes into recession - ie M2 rises as govt issues more to deal with recession while gdp is contracting

ie during covid US debt clock had us debt/gdp go as high as 145%

QT and a hard contraction is US govt 'discretionary' spending pulled that back to 115%

now 122%

https://usdebtclock.org/

but I agree - bc USD gold price is also a function of real and nominal interest rates and USD particularly - it is more complicated than simply US m2 in the short to medium term

hope that is useful