Why gold prices are stagnant for such a long time?

Investment in Gold now is not worth like earlier days. The Prices are very high and further it may not increase very high. Even it increases also it will be a very less percentage only. This is the thinking nowadays prevailing in the minds of the middle class and poor people. So sales are coming down. Earlier days instead of keeping cash people used to keep Gold as the prices were increasing. Those days there were no restrictions on purchasing gold by cash payments. But now the system is changed. You can't buy gold worth more than 2 lakhs by cash payments. So it is not possible to convert black money to Gold. There is fear in the people about the limits of Gold that can be owned by an individual.
As a result, the sales are coming down. To attract the buyers the Gold rates are being maintained within the same range. If it increases further the sales will further come down. This is the main reason for Gold prices not increasing.

Yes over the past few months there has been stagnant in the growth of gold and the price has been constantly maintaining the same for various reasons. The main one thing being that the house holds are not liking gold as they cannot wear it daily due to ever increasing chain snatching problem, nor keep it at the home fearing theft. And the buying price of the gold when we want money urgently is being reduced drastically by the pawn citing many reasons and thus value for gold is not coming back as envisaged. Hence people would go for buying gold only for marriage purpose of their daughter and nothing more than that. Now a days good artificial one gram gold ornaments are making rounds in the market which are rich in design, affordable and at the same times better than gold and thus others can be easily deceived with such fashion statement and hence less takers for gold.

Gold prices have been affected by many international and the market changes over a period of time. For example EU and Brexit event has caused the gold to stagnate on value for almost 6 months. Then the cryptocurrencies market has damaged the gold value. And also the decline in marriages have reduced the customer purchase for the gold. You can see that overall gold has been affected in that case.

Some of these factors can be changed. And some may remain permanent in the market. So it seems like gold will surely be affected in future. You can expect the ETF fund houses to push the gold ahead of the seasonal festivals. And so the price may gain a bit. But it's not going to stay at seasonal price though, it may go down after December.

People have stopped in investing gold as an investment and that has affected the present stagnation. Earlier everyone was buying g gold as it helped in rainy days and also it gave a good growth in its value.

The use of gold in jewellery is still going on but that is not enough to sustain it's prices. Artificial jewellery has further added to this stagnation.

There are international factors also which has contributed to this stagnation.

The earlier trend of accumulation of Gold especially by the Middle class family boosted the sentiment of hoarding more Gold. However, such trend seen in the yester year has reversed because of other attractive options where there are possibilities of better return.
In fact, the middle man actively came into play to jack up the price of this yellow metal to a level from where they could extract their profits substantially.
In fact, the consumers have reversed their requirement opting for imitation Jwellery - apparently looking as original as Gold and because of the high rate, it does not appear to be an attractive choice for the common investors.
Apart from it, international issues are there such as Brexit event which has affected the Gold.