Open interest on the COMEX gold future has risen by 10% this week so it’s not because investors don’t care. They just don’t know what to make of it with opposing forces pulling it in opposite directions.
On top of a very quiet week for the dollar we are also seeing FOMC rate hike jitters being offset by geopolitical uncertainty/risks. If the FOMC fails to deliver a hawkish hike on Wednesday the price is likely to find a bid once again. Not least given the focus on Russia tensions and U.S. political uncertainty with Washington shifting further towards protectionism => trade wars => lower growth.