Part of the explanation that people have been using for Gold's dramatic rise in the last few years are related to quantitative easing/money printing, the zero interest rate policy, etc etc.
Its very hard to really pick out which if any or those factors are involved, much less responsible. However, its easy to plot out a few. One chart is the gold price change vs the US Treasury 10 year rate (you can see that here and here).
If you plot them against each other, you have this...
While interest rate may be related, its really hard to perfectly correlate the fairly linear change in the 10 yr rate with the "hockey stick" gold price response. Make of it what you will.