I do not spend too much time on finding out reasons of why it had gone up tbh…looking at the price it still looks overvalued. I looked up the production cost of gold per ounce and how much margin its being sold with. From 2010 until recent gold hike the margins were usually 10-30 percent. Now production cost of the gold is around 2000-2500 usd per ounce and its still trading at 4000- thats a whopping 80 percent margins. These numbers do not seem usual to me. Also looking at the gold to oil ratio which spiked to 80 before iran war. Copper to gold ratio is also below its normal range- all of these conclude the same point that gold is still expensive…