its because you are measuring stable Gold in volatile fiat which is being printed every day depending on the factors you mentioned (interest rates, expectations of future growth, sentiment etc).
because you are getting paycheck in fiat, you are psychologically programmed to think of fiat as something stable, and Gold as volatile.
because you are getting paycheck in fiat, you are psychologically programmed to think of fiat as something stable, and Gold as volatile.
while in reality prices expressed in Gold ounces remained fairly stable for example: https://i.redd.it/1b5mfrqkxxef1.jpeg