Two non-blowhard looks at POG v. Inflationhttps://www.kitco.com/news/2022-02-04/Gold-price-holds-1-800-but-can-Fed-s-50-point-hike-trigger-selloff.html
https://www.investopedia.com/articles/investing/100915/effect-fed-fund-rate-hikes-gold.asp
Additional comment -
Interest rates in the 70s rose slowly to the 17-19 percent level before cutting the legs off of rising gold prices. While that may (in its time) may not have proven that higher interest rates result in low gold prices, neither did it prove the opposite in the overall history of markets.
Additionally, the oil price trend will mirror the trend in gold prices 60 percent of the time, better than a coin toss. And if no one was watching, today's oil price neared a 7-year high. This, after having risen by about one-third since the end of December.
To conclude, I feel that higher gold prices lay ahead. By how much and when remain to be seen.
VP in AZ