The analysts got it all wrong. Rate increases is just one thing but they forget a bigger picture which are demand and trust.
Asian by far use gold as the measure of their wealth and to hedge against inflation ( many counties does this ). However, money printing and high debt in many countries which someday, the economy of a few large countries get caught in a down turn cycle that spiral out of control and create panic which shatters belief and cause panic. People money has no where to go but to buy gold. I predict it will happen in the next few years.