Does it seem gold is working as a stable coin? cause when bull runs end normally we cryptocurrency holders convert our holdings into a stable coin, more likely USDT/BUSD/USDC.
If so then why do we need gold rather we can use any stable coin or fiat money cause that's are less fluctuated than Gold.
Gold is better than the stable coins you've mentioned. Imho gold can be considered more stable than fiat and the stable coins, since fiat and the fiat-pegged stable coins are hit by inflation. So it's usually not the gold rising, it's the fiat falling, but the chart is no different.