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.
It makes sense since most investors of bitcoin tend to diversify their portfolios by investing in different assets not only in cryptocurrencies. Usually when they invest in bitcoin they also invest in gold. Most people have recognized both assets as similar in a way that they are both assets used to fight against inflation.
Even though they are correlated, this does not mean that an increase in price of gold will also cause an increase in price of bitcoin.