It might seem that way but it doesn't. SPY just fell 1% in an hour and CYTX is still hovering between -2% and -4% on low volume.
So we have a few factors here in the downtrend of gold. The main one that most will cite is that the USD has been strengthening for months as dollars get relatively scarcer. That's a direct correlation against the price of gold, both nominally speaking and in real terms. Bonds up, gold down.
Gold took another heavy beating today along with oil. Some say it is because oil and gold are now trading in the same direction and there was a "naturally forming" bubble in oil (oversupply) that burst. But that is an extremely simplistic view.
Consider that the vast majority of the recovery from 2009 is in the hands of the 1%, worldwide. Why would people need oil? To drive? To buy stuff? How? People, in general, are broke. That's where the US Fed comes in (along with smaller players like Japan and China), driving up the prices of all asset classes and rushing in TRILLIONS of dollars in liquidity for years. So that cash goes into speculation of everything from art to housing to Tesla stock to oil to gold to wildly overpriced Internet 2.0 stocks. None of it hitting the economy, most of it going to the wealthy elite who own the vast majority of stocks in the world, and of course madly overpriced CEO salary and perks. Basically, it's a huge worldwide redistribution scheme from wealth producers to asset owners.
But the actual demand for any of those things I mentioned above was always artificial.
Will we see QE4?