Note the peak in 2011. Also note the dip corresponding to the stock market dip in 2020.
Gold has limited industrial use. It's just another convention, like crypto, except it's a more accepted convention. Like diamonds. Still, just a convention, due to its limited usefulness. Remember tulips?
One should try investing in more useful and limited things, such as farm land etc., preferably in a well-diversified basket. You know, the kind of things people will actually need and still buy in a recession. What Consumer Staples are for stocks. Also, preferably what's out of favor (I feel so dumb for not buying oil when it went negative - be greedy when others are fearful).