In different stages and hot spots of the market, investors' expectations are different. I don't know when the situation you mentioned appeared and the market situation at that time. Factors affecting gold are: risk aversion, dollar index, inflation, commodity prices and interest rates. If the risk aversion of the market decreases, the price of gold futures will fall at this time, while the price of metals with industrial attributes such as silver will rise because of the decrease of risk aversion and the increase of demand. This is just an example. More often, the factors that affect the price are multiple, and the comprehensive analysis will be more sufficient.