Why Gold price positivelly correlated with economic resurrection?

On 4th June, 2020 European Central Bank took a polic decision to expand pandemic emergency purchase programme (PEPP) by €600 billion to a total of €1,350 billion. Gold price started a northward rally.

On 5th June, 2020 USA reported better than expected employee data for the month of May. Nonfarm Payrolls actual value was 2,509K while expected value was -8,000K. Unemployment Rate was 13.3% while expected value was 14.7%. Gold price made a huge downward move.

On 8th and 9th June, 2020 Gold continued to rise. There were no bad economic news from USA and Europe. On 9th June, 2020 USA reported JOLTs Job Openings (Apr) figure. It was 5.046M vs expected 5.000M. There were some other good economic figures.

On 10th June, 2020 Gold price made a huge northward move because of FOMC Economic Projections, Statements and Fed Interest Rate decisions.

Gold price remained higher on 11th June, 2020 with good USA economic data. Initial Jobless Claims remained lower than expected. U.S. Producer Price Index (PPI) MoM remained higher.

In all above occasions except 5th June, 2020 Gold has shown a positive correlation with economic resurrection. But what we expect is the opposite. Can anyone explain this?

Here are two hr1 charts since June 5th - the img names tell the story.

As bond yields fall then Gold may give better returns for the same level of security…

Oh - the second chart:

Thank you sooooooooooooo much. Now I can study this further. You have given me a starting point.

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well explained. Thank you for this information. It will be helpful.