Traditionally it is slow moving. But at certain points in time gold moves fast like this as a response to the general loss of trust in the USD (and Fiat in general) as a store of value and U.S. Treasury bonds as a safe asset. Ever done the groceries lately, you can feel it. In Australia the same basket of goods cost roughly twice in nominal $ terms as it used to from 1998 to 2023; 25 years. Or in other words, in 25 years you've lost 50% of purchasing power... Gold is really just catching up.
If you don't believe me have a play of the RBA calculator.
https://www.rba.gov.au/calculator/annualDecimal.html
March quarter predictions, page-29
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