It's not a unexplained behavior it is a normal behavior (not a bug).
phi1 = (1 + Sqrt[5])/2; N[phi1, 20]
phi2 = (1 + 5^(1/2))/2; N[phi2, 20]
phi3 = (1 + 5^(SetPrecision[0.5, 20]))/2; N[phi3, 20]
(* 1.6180339887498948482 *)
(* 1.6180339887498948482 *)
(* 1.6180339887498948482 *)
because:
{Precision[(1 + 5^(.5))/2], Precision[(1 + 5^(1/2))/2]}
(* {MachinePrecision, \[Infinity]} *)
This is very well explained in this book