Gold price suppression is the excuse du jour for its lack of relative performance; but that is not the reason
First let me get this in print up front; the gold price (like most/all markets) is manipulated in different ways. It can be talked down, it can be subject to paper buying/selling that does not bear resemblance to its street value (per the supply/demand dynamics of the physical market), and it can be subject to misguided mass emotions, both on the upside and downside. All markets are manipulated in one way or another or stimulated by mass emotion. For example, every time a Fed mouthpiece opens its orifice and the market reacts, it is manipulation by definition.
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