Using daily price data from September 2014 to May 2024, the correlation coefficient between Gold and Bitcoin is approximately 0.82.
A 0.82 correlation indicates a strong positive relationship: when Gold's price rises, Bitcoin's price tends to rise too, and vice versa.
Let me know if you want the raw data.
Never analyzed this data before, what benefit of this could be, Does it also mean when BTC loses value Gold also and vice versa, if that's the case, then those people who used to say we should diversify our investment in order to minimize the risk of losing funds by investing one part in BTC and another in Gold as there prices are independent of each other, are all wrong now!
BTW I am one of those people, who thought BTC and Gold prices are not dependent on each other, in my opinion, they are not directly proportional to each other, TBH I don't think it has anything to do with the price of any of the two, like it's not like BTC following gold or gold following BTC. I think its a coincident. What's the source of this fact BTW.