Safe haven: Investors turn to it in times of crisis and tension, and it sometimes moves opposite to stocks and crypto.
The dollar: Gold is priced in dollars, so a stronger dollar often pressures its price, and the reverse is also true.
Interest rates: Higher interest rates raise the cost of holding gold, which pays no yield, so Federal Reserve decisions affect it directly.
Digital gold: Some call Bitcoin "digital gold" because both share the idea of scarcity, but their market behavior is very different.