The first chart is of Barclays TIPS Bond Fund ( TIP) over Barclays 7-10 Year Treasury Bond Fund ( IEF). This pair measures inflation expectation, and correlates strongly to CPI readings. The chart is nearing yearly lows, indicating that the market does not fear rising inflation. As long as the indicator remains at suppressed levels, the Fed will take this as a sign for further action. An improved economy will bring about higher inflation expectations, which in itself should be a virtuous circle of improvement.
Investors in other countries, whose currencies are currently being devalued, are actively choosing to hedge their currencies' weakness by buying dollars. If your currency is being devalued against the dollar, then why not buy the dollar, and invest in U.S. equities? As the dollar continues to strengthen and equities keep their status as the most attractive asset class, gold will be persistent in its decline.
Hedging weaker currencies by buying the dollar, as well as investing in equities, has pushed this pair higher. As long as monetary policy remains accommodative and inflation fears are subdued, risk assets should continue to outperform.