The US Fed has been signaling that they are planning to raise interest rates late this year or early next year. Not only does owning gold not pay any interest,

The US Fed has been signaling that they are planning to raise interest rates late this year or early next year. Not only does owning gold not pay any interest, it actually incurs ongoing cost for secure storage and insurance. Its main investment use is as a sort of insurance policy against the large-scale collapse of fiat financial systems. Market participants evidently view the possibility of a financial collapse as remote enough that they are trading out of gold and into fiat currency, so they can receive interest rather than pay storage costs.