After jumping 2.17% on Monday, the biggest percentage increase since mid-December last year, the U.S. Comex gold futures declined 0.92% to $1,337.90 on Tuesday as any immediate threat for Russia to invade Ukraine has dissipated while the U.S. prepares to give a loan guarantee of one billion dollars to Ukraine.
Despite the better than expected U.S. weekly jobless claims at 334,000, the gold price still ended higher on Thursday. As the path of the QE remains uncertain, volatility in the equities, dollar, bonds, and commodities prices will continue.
The stronger dollar, rising U.S. bond yield, weaker-than-expected China May flash manufacturing PMI, general commodities sell-off, a subdue inflation rate, and the continued outflow from gold-backed ETPs have pushed down gold's sentiment further.
You have to distinguish between "the gold price," which reflects the paper gold futures prices and has collapsed, and "the price of gold," which represents the physical price of gold and has remained well-supported.