But many factors influencing gold’s price are less tangible, such as changing perceptions, preferences and market sentiment.
As then US Federal Reserve chairman Ben Bernanke said in 2013: "Nobody understands gold prices, and I do not pretend to understand it either.”
https://www.channelnewsasia.com/news/commentary/gold-price-covid-coronavirus-invest-safe-asset-commodity-market-13108768
September 15, 2020