Gold mining, central bank reserves, and recycling are the key factors in gold supply, while jewelry, industrial demand, and demand for gold-backed ETF investments impacts overall demand. Gold is often used as a hedge against inflation, but may perform poorly during periods of deflation. Interest rates have an inverse relationship with gold prices, and a weakening US dollar often drives up gold prices. The instability and uncertainty of geopolitics will encourage investors to seek gold as a safe haven asset. Speculation, market sentiment, and global events can also affect gold prices.

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https://news.metal.com/newscontent/102624403/Understand-Gold-Price-Dynamics:-Factors-Affecting-the-Value-of-the-Precious-Metal