Why is gold price increasing?

Gold is increasing in price because there is now significantly less of it available to mine and also the cost to mine metals has now increased.

Most mining companies can produce an ounce of gold for $500 (USD) or less. It's not a lack of supply that's causing the price to rise. Investors are bidding up the price of gold because currencies are being devalued. Governments around the world are printing more money to service their debt. That makes their currencies less valuable, relative to tangible commodities. Investors expect this trend to continue, so they are investing in gold and other commodities, rather than bonds, which will fall in value as the currencies in which they are denominated are debased further.