Few things happening rapidly.

Saudi getting squeezed for money.
Houthis still attacking them daily, bill collectors are coming for their payment for all the tall modern buildings, oil is down because China and India are stocked, hajj didn't make them any money due to covid. So they have to bring out their reserve ... gold.

Brazil too. 2 million dead covids, crisis getting bigger. So it looks like the G20 countries are having to put hock their gold, which is keeping the price low as the "paper" dealers are not losing too much ground before June 28th.