A slowdown in central bank buying is clearly bearish for gold.

A slowdown in central bank buying is clearly bearish for gold.

The  relationship between monetary policy and gold is rather subtle. 

In my opinion If we start to see inflation, but the Fed takes no action, that may be strong for the gold price since the Fed will be behind the curve. On the other hand, if the Fed takes early action and decides to move before inflation, they will be ahead of the curve and that is not good for gold. There is a much higher chance the Fed will be behind inflation, but that inflation may not occur until 2015.