Gold and macro environment, page-281

Also, no mention of record central bank gold purchases, given the political instability and the ongoing challenge to US reserve currency status. I would say gold has clearly benefitted from fundamentals rather than pure speculation.
POG rose initially due to the onset of inflation and proved itself as a store of value, even when interest rates and USD were rising. Gold now benefitting from falling interest rates because the cost of holding gold is falling and usd under pressure. Add to that, absurd fiscal deficits and debt levels, and also the geopolitical situation. This is not a speculative run as far as I can tell, though POG is due a pullback, or some type of consolidation I guess.

https://ainsliebullion.com.au/News-Resources/Article/The-Gold-Rush-Continues-Central-Bank-Buying-Spree-Will-Not-Stop-in-2024/ID/6372#:~:text=informed%20investment%20decisions.-,The%20Gold%20Rush%20Continues%3A%20Central%20Bank%20Buying,Will%20Not%20Stop%20in%202024&text=In%20a%20newly%20released%20survey,reaching%20new%20all%2Dtime%20highs.