Why is gold not gaining on stagflation fears?

From blog.hycmlab.com

Gold has been touted as an inflation hedge and as a stagflationary play, so why are prices not soaring right now? You could be forgiven for asking this question as high inflation and slowing growth prints have been increasing over the last few weeks. On Monday, Chinese activity showed signs of slowing with industrial production well down at -2.9% vs 0.4% expected. In the US, Goldman Sachs lowered the US GDP growth forecast to 1.6% from 2.2%. The Bank of England signalled that the UK’s GDP would be negative in 2023, but inflation could peak at 10% this year. So, why is gold not surging higher? Gold is testing the ... (full story)