it is not wrong if people refer to Bitcoin as digital gold because of its value.
I can agree with you. Bitcoin value is always very fluctuating, this cannot be compared with gold. We know that Gold value has more stability than Bitcoin, but I don't say it has no fluctuation. The fundamental difference between Bitcoin and Gold is on the possibility of the value change shortly. Gold looks a bit stable, while Bitcoin can change its value very significantly in a short time.
Bitcoin thrives during “risk-on” conditions, while gold prefers “risk-off”
Does it mean Gold has no risk?
I don't think so. Gold value can decrease. But if you look at the price history, the change is not very significant as Bitcoin value.