Ann: Statement of CDIs on issue - BEZ, page-168

The gold price at the moment is sensitive to USD moves. So if inflation is higher than expected that means the Fed will be forced to raise rates higher, which increases the USD, negative for gold. Lower inflation means the Fed can hold rates steady or decrease them if the economy goes down, lower USD, higher gold.

Gold will do the best imo, if the US economy gets worse but inflation is still stubbornly high. That means that the Fed cannot raise rates higher because they will do more harm to the economy, and every man and his dog will then buy gold.