Gold is driven by investment & not consumption demand!

Gold has one shortcoming; it is a pure metal which has no income bearing capability of its own. That means, while you gain from demand-based price rise, there is no other income that holding gold will bring to you. Real estate brings income in the form of rental, equity has dividends, bonds and deposits give you interest and so on. Gold does not earn any income for you. It does not produce any additional value that contributes to the global economy. Even Government of India has discontinued Sovereign Gold Bonds (SGBs) which gave 2.5% interest p.a. Fundamentally, without an income generating capability, price can correct as much as it has gone up. This is the risk with investing in assets which only function on demand supply dynamics and no underlying fundamental value. Gold does have a use case, but as the numbers suggest demand is aided upwards purely on the basis of investment demand and safe haven buying by central banks, not consumption demand.