An Erste Bank report, excerpted by Mineweb, has a graph that breaks monthly CPI increases into deciles. The lowest decile's average is a slight fall in the CPI - and corresponding gold performance is a slight gain. The only decile whose periods correspond to a fall in gold, overall, is the third lowest.
A study of deflationary periods shows that gold performs better once deflation is replaced by reflation, which is happening now. The report forecasts gold going to its CPI-adjusted high of 1980, which would amount to $2,300.
[The full report, in PDF form, is here, courtesy of Zero Hedge. Thanks to an anonymous commenter for the link.]
It's an interesting finding. That third decile, in which the monthly CPI increases by about 0.2% on average, is largely composed of disinflationary periods. Disinflation is hellish for gold.