Citi economists explain why gold is surging above $2,000, and what it could tell us (cnbc)

However, they clarified that the gold rally was not forewarning of a “burst of inflation,” as some might suspect, despite central bank stimulus and rising private sector credit growth. 

“The monetary theory of inflation has been replaced by labor and product market micro theories, and market pricing of inflation risk is low,” the economists led by Catherine Mann said. “So Gold is not presaging inflation.”  

The gold rally was also not an indicator that the dollar would lose its crown as the “premier international reserve asset.” 

https://www.cnbc.com/2020/08/07/citi-economists-explain-why-gold-is-surging-above-2000.html