Unlike oil or coffee, for example, gold isn't consumed (although sometimes chefs get bored with edible ingredients and add them in). Also, as it is virtually indestructible, most of the gold that hase ever been mined is still around to this day. As such, the price of gold is moved more by a combination of supply and demand, and investor behavious.
Nowadays, when other investments seem too risky, gold is often seen as a "safe haven".
It generally performs well during global crises such as wars, terrorist attackes, and pandemics, to name but a few, as it is seen as an attractive hedge.
For example, if the US central bank, the Federal Reserve, decided to cut interest rates, this would usually weaken the US dollar and lift the price of gold.
It's therefore important when trading gold to keep an eye out for any major economic announcements that could impact inflation - and in turn gold - such as unemployment figures, interest rates, price changes in energy or food, and even natural disasters.