Which currency is the price in?
Gold can rise in one currency and move differently in another. For a reader with expenses across countries, the currency used to measure the result matters.
Real rates and opportunity cost
Gold does not pay interest. Changes in inflation expectations and the returns available on interest-bearing assets can influence how investors compare it with alternatives.
Demand is not one buyer
Jewellery demand, investment flows and central-bank purchases can all form part of the picture. A single headline about reserves cannot fully explain a daily price move.
A question to carry forward
What evidence would change the explanation? Following more than one indicator can keep a convincing narrative from becoming a fixed belief.
Further reading
Personal view only. Not investment advice. I may hold assets discussed, and my views or holdings may change. This is not a recommendation or a complete investment assessment.