Yeah as Timber pointed out, it was the realisation that QE...

Yeah as Timber pointed out, it was the realisation that QE wasn't going to cause hyperinflation.

The rise in the gold price prior to the GFC probably is less clear. My view is that it was result of the falling US dollar, the deployment of the US dollar to emerging markets and the rising expansion of the money supply (to some extent). Take your pick.

In recent times when there is a crisis there is a flight to the US dollar. I suspect this is due to the selling of emerging markets & US markets which creates a US dollar demand and other currencies fall. The side effect of the US dollar rising is gold falls.