target 14 cents based on profit forecast, page-25

There is historically zero correlation over the long term between interest rates and gold price. Interest rates being either bond yields, deposit rates or corporate lending rates.

What you should refer to is CPI (consumer prices) and purchasing power. Read Roy Jastram for better understanding. Historically gold rises after a lag in response to rising consumer prices which causes purchasing power to drop. You can have price stagnation in any interest rate environment.

Hat tip to D25 for calling this all the way down. Well done David.