From Dow Theory Letters:

Nobody has ever seen the Fed doing what it's now doing in its desperate battle to halt deflation. In creating trillions of dollars, the Fed is devaluing the dollar and probably frightening foreign dollar holders (think China). If the dollar starts seriously sinking, rates will go up as it will take higher rates to attract dollars. Higher rates would be just what Bernanke does not want.

Rising gold means that the dollar is being devalued - it takes more of a weak dollar to buy an ounce of gold. I expect the "dollar-bugs" to do everything they can to halt the rise in gold. The Fed does not want its massive creation of dollars to be advertised via surging gold.

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