Gold is still considered a safe haven because, in the long run, the price of gold has consistently increased. According to
TradingView, the price of gold has grown 5% in the last 5 days, 10% in a month, 24% within 6 months, 41% in a year, and 100% in 5 years. This proves that the price of gold mostly appreciates in the long run, and short-term volatility doesn't affect that. This is the reason why people consider gold as a more stable way of storing their wealth, because they know their money isn't going to lose value overnight, unlike Bitcoin, which can have very quick price changes.
Other than that, gold has also been around for centuries, and for that reason, most people trust it more than assets that have come barely two decades ago, such as Bitcoin and cryptocurrencies. Bitcoin is the choice of those who want quick profits, but gold is the choice of those who want steady long-term profits and an intact value for the money they invest in it.
Gold is stable alright. But returns aren't as much as Bitcoin in the long term. Investors want a greater ROI, so they will choose Bitcoin instead. Some will choose only Gold because of its "high level of trust". Such mindset will change in the future as the world transitions into the digital era.
Eventually, Gold will lose investor appeal as focus is shifted into jewelry and electronics. Gold's increasing dominance these days is only temporary. Bitcoin will replace it as the world's next "Digital Gold". Who knows how long will it take for this to become a reality?