Or is it an inflation indicator?
Add currency debasement. Along with gold, silver is up 8.5%, nearly $2 dollars an ounce.
Re: “Or is it an inflation indicator?”
Since the 2008 Great Recession, the link between gold and inflation is kind of hard to find.
USA Inflation - 22%
Gold Price ($800 to $1,930) - 140%
Attributing precious metals prices to anything is at best blowing smoke.
The precious metal price increase is led from Asia while China is being devastated by ongoing floods and serious simultaneous drought affecting the regions where Covid 19 has the population in turmoil. There are similar but less devastating flooding in India and South Korea.
The Chinese economy is being hurt badly this summer. The full extent is not apparent.
You have stated the primary indicator which is in fact the combined result of many others. INFLATION
He looks forward can prosper. He who can’t make a decision will not make money