There is a large difference between bullion and the miners. And bullion while down, has held up far better than either stocks or bonds this year. Gold serves a role as a non-correllated 'anti system' asset. 10‰ allocation to gold improves risk adjsuted returns compared to traditional portfolios.
Dont forget the miners are a leveraged play and a lot more subject to volatility. Gold in aud terms went up slightly overnight so keep in mind that the goldies get sold off often based on usd gold price.
If you have a very large allocation to gold miners, id suggest its not the best play. But its worth having some.
Gold may be first to be sold in a crisis, but also ususally the first to rebound (2008, 2020).
There is a large difference between bullion and the miners. And...
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