Loading ...If you are looking for a why I can only offer a guess. The CBs manage their balance sheets and gold holdings via algos. It is not necessarily the levels of dollar/yen. It is the movement.
Supply and demand are 100% irrelevant in the precious metals, until they become relevant.
Watch this chart. If gold ever significantly de-couples then you have a paradigm shift. This is a one year chart and gold trades inversely.