Since the odds of a Fed rate hike at its December meeting shot up above 80% gold has actually outperformed the S&P 500:
Gold vs. S&P 500 since November 20th
This outperformance is widening further today as gold is .4% higher on the session while the S&P 500 is suffering a -1.8% drubbing.
Either the market is betting that the rate hike isn’t going to happen or that a rate hike has already been priced into gold while it hasn’t been priced into equities.