Because of the increase of the popularity of Bitcoin in the recent month, Bitcoin really affect the gold market
Companies and investor are starting to invest some in Bitcoin instead of going all-in on gold because BTC is kinda new and fresh
some people invest in gold for Wealth protection and financial exchange and bitcoin is better in these terms
The investor already discover it and will try it for now until they trust and feel secured
in the past few months it only affects a little, but in the long term when investor start to trust bitcoin
it might really affect the gold market big time
Is what you say can be true that with the increase in bitcoin affecting the gold market, I can believe it but there is also doubt because there is no direct relationship that causes gold and bitcoin to be connected directly as well as the relationship between bitcoin and the circulation of $ US.
After @elonmusk's tweet last year, I really believe that many large companies have started to shift their investment, which has been possible to foreign exchange, shares to bitcoin because bitcoin has been more profitable than both. so that not only companies, but brokers also flocked to buy bitcoin, so that the scarcity of bitcoin made the price of bitcoin unstoppable.
gold is only profitable to be used as an investment because the risk is very small compared to bitcoin, but the benefits are inversely proportional because bitcoin is very profitable.
gold is more used as an investment because it only shows one's identity because it is more in the form of accessories for the body, bracelets, necklaces, rings, etc.