I think crudely it is correlated to the bond yields = cost of capital and currently Chair Powell has signaled that low rates is here to stay. The equity markets are now continue to look for bad economic news to propel stretch valuations referring to very accommodative monetary policies. There isn't market breadth in the equity bull run, predominantly Tech driving the general market confidence.
If gold doesn't shine under such conditions then there is a problem with safe haven non yielding asset class. On a MUCH longer term, can the USD remain the reserve currency? Both China & Russia are diversifying their trade transaction into other currencies, whether this trend is a political or pure economic consideration is open for speculation on its sustainability. Perhaps the idea that both countries were accumulating physical gold years were to mitigate any trade sanctions as well as diversifying their sovereign asset allocation strategy? If those foresight were correct, it comes into play as American weaponise the USD which is the last option after all options to contain both countries fail. Iran/Venezuela are classic countries.
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