Ann: Chairman's Address - 2021 AGM, page-21

It's important to realise that the gold price has dropped mainly if IOUSA$ - in many others currencies it remains near all time highs. With the heavy borrowing thats occurred due COVID economics, the threat of rising interest rates, which will make that debt much more expensive, and hence put downward pressure on weak currencies making for their citizens only one safe haven, precious metals (mainly gold).
If interest rates rise in Australia, a lot of stock market punters and real estate "investors" are going to get crunched big time and a "correction" is very feasible. The Fed has said t will rate rates by 2023, the RBA has said interest rates will remain low (zero or negative) for at least 3yrs .... one of these guys is wrong !
So, with the China trade dispute ongoing, and the complete shambles of so called "free trade agreements" (which exclude most of our most competitive exports), Australia's economic rebound miracle (which has depended on unprecedented government handouts with historic debt levels) may not have long legs and our currency may sag such that export commodities (like gold) will be even more valuable.
Meanwhile a rout is occurring in the bond market .... suddenly zero interest rate bonds are worth a lot less.