Mostly: Classical

[amarksp]

(van Eeden)/your comment:
"... a rise in interest rates typically leads to a strengthening of the US dollar. If the dollar strengthens metal prices come down."

For gold, it is the REAL interest rates which are key (e.g. 2 year T-Bill rate less inflation rate/CPI, and NOT the nominal interest rate.

If US interest rates rise but inflation rises more, this is positive for gold. Thus, Fed must hike interest/fed funds rate more than CPI/inflation for this to be gold negative.