The price of gold is being influenced by: declining confidence in the Euro, the global reserve currency and other western fiat currencies; gold's traditional role as reliable money; and growing Chinese popular wealth. I found this article "How gold is ‘fixed' and what drives the real price" interesting. Disclaimer: I am not in a position to verify the accuracy of any of the assertions made in the article. I acknowledge Mineweb for this article.
-o0o-
For an overview of the fundamentals of the gold price, viewed as a currency, see this recording. 
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