In my opinion. everyone still uses gold as an investment tool at any time. even now gold is still used for investment even though the crypto currency has circulated. and currently, crypto currencies experience very bad price fluctuations. many crypto users sell assets and switch investments to other fields just to avoid large losses. and gold is one of their choices.
That is natural, gold has been around for a long time and people trust it, they know that if they have gold then it does not matter what happens to the economy, gold will still hold value, but when an economic crisis happens and people try to buy gold only to realize there is not enough of it they will try to get cryptocurrencies, unfortunately for them bitcoin is very scarce as well and there is not enough of it when the demand skyrockets.