Instead of looking at the situation as panic buying (dow) and panic selling (gold), it could just be a lack of sellers (dow) and a lack of buyers (gold).
If you want to buy a Dow stock, and not too many sellers you have to raise your bid to get a fill. If you want to sell Gold and nobody’s buying, you drop your ask price to get a fill.
With so many people on vacation in the summer there just might be a whole lot of players not involved. eh?