Supply tight in gold and silver
As I have discussed many times, the physical market in gold and silver is very tight. Bullion banks have low stock levels and central banks have leased or sold a major part of their gold. But since they refuse to be properly audited they are desperately trying to hide the real position. China and India are continuing to buy more than the annual production of gold by the miners. And the supply situation from the refiners is tight with delivery delays for bigger orders.
Dollar strength is ephemeral
So gold seems very weak. But that is only in US dollars. In virtually every other currency gold is holding well. That includes the Euro, the Pound, the Canadian dollar, the Aussie dollar, the Yen, even the Swiss Franc and of course weaker currencies like the Ruble as well as most others.