Fundamentals haven't changed, page-166

While there is a correlation between rising interest rates and gold, it is important to understand the correlation between interest rates and inflation and inflationary expectations.

Gold was rising with interest rates when central banks were chasing after inflation and expectation of inflation with monetary policy. This is not currently the case. Right now there are no inflationary expectations to chase, so real interest rates would actually rise if they (Fed) move, albeit that they will still be negative, they are less negative and that is not helpful to gold. Less negative is also not the end of the world!!