Gold isn't looking as strong as it did earlier this year. If there aren't any major geopolitical tensions, it's unlikely gold will have much of a reason to climb. With inflation sticking around, the Fed might think twice about cutting rates in 2025.
The dollar's demand is increasing because people expect rates to stay higher for a while and the economy seems steady. Gold has outperformed other assets this year and was definitely the one to grab up until late October. But honestly, it seems like gold has hit its peak for now.
If you are looking for an investment, I think you should choose bitcoin over gold, because even in a recessionary economy, gold is unlikely to provide significant returns. Because gold has become so large and stable, people who still choose gold these days are looking for a safe haven, a store of value, not an investment.
Much of the gold supply is held by governments because its stability can help them if the economy is in trouble. But for investors, especially small investors like us, gold is not a wise choice.
Gold is not an investment! Gold is a tool to protect your capital. If you are looking for an investment, you will need to buy Bitcoin, treasury bonds, Bank deposits etc. These investments are likely to give you capital appreciation when the time is right. But gold is going to protect the value of your capital even after adjusting the inflation.
So use the right tool for right things. Gold can't outshine many other investment assets but many other investment assets cannot outshine gold for capital protection..
To be fair, when the price of fiat gets weaker, that makes gold go up, and with inflation that was the case and we have seen gold go up, but right now there aren't really that many reasons to do something like that so I can understand why people would take a look at it differently, this doesn't really feel like a big difference and should be considered like it's a big deal, I believe that we are going to end up with something that will take a bit of a time and that has to be the most important thing for gold, just be patient.
However, better approach would be just going with bitcoin, why wait for gold to go up on long term when you can invest into bitcoin and you will make more money with bitcoin investment than anything else.