There used to be that connection until ETFs arrived and more recently cryptos.
There used to be a clear inverse relationship between Gold and USD and and correlation with the oil price.That has broken down since GFC and QE all round.
Inflation is gen +ve for gold, but not if oil or other costs rise too much as the mine running costs get too high.
It can be a complicated relationship with all kinds of confounding factors.
But if gold gets a really good sustained rise over a few months, then yes the PM stocks do rise along with the other factors you mention.
There used to be that connection until ETFs arrived and more...
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