I don’t know. It’s not clear anymore that anyone thinks gold is the hedge it once was.
True, until a major event happens, then all bets are off. They flock to gold in a matter of minutes.
The buys were made some time ago, sometimes by the ton. Buy in anticipation, not reaction. (If a Russian bank bought a ton of gold, someone was selling a ton of gold.)
As to gold not being the hedge it once was, the person selling that idea is likely heavily invested or presently investing... 6 thousand years of history are hard to argue against.