On the other hand, gold has historically kept up with inflation. So it's also going up when interest rates are high. Just look at its performance in the 2000s b

On the other hand, gold has historically kept up with inflation. So it's also going up when interest rates are high. Just look at its performance in the 2000s before 2008. Also there have been periods where it has been going down even though interest rates were low (e.g. after 2011). I would much rather argue that the value of gold is loosely correlated with money supply over the long run. The current short term surge in gold prices seems to be driven by fear and lack of other secure investment opportunities.