In the first place those increase were fueled by speculation.
About a decade ago, during the QE, prices went up alot too.
Then one day India limit gold purchase or something, and they were among the biggest gold buyers as jewelry.
The price went down and stayed there for quite some time. I think almost one decade.
Warren buffet at around that time said that if you melt all the gold in the world, it's just a large cube and it's not productive or could produce any value.
