That’s certainly part of it (and the argument most gold bugs make as to why we should all be buying gold), but gold has gone up 133% in the last 3 years which is wayyyyy beyond inflation tracking.
So inflation has almost nothing to do with the current price of gold and the grandparent post’s speculation about the futures market running hot is far more likely. The price of gold isn’t attached to the dollar and hasn’t been for over 50 years.
A quick sanity check of my own house would show that it would cost something like 75 ounces of gold. It was built in the 70’s and originally sold for 45,000, or well over 250 ounces of gold in gold prices from around then. Doesn’t seem right…
It fluctuates a fair bit but starts and ends at ~150oz/house
And the US https://www.longtermtrends.net/real-estate-gold-ratio/
But how can you untangle an objective production price from the fiat / economy it's produced out of?
If that were the case, you'd expect scarce but still produced assets (e.g. housing) to have both increased in price (due to fiat inflation) and decreased in price (due to production technology efficiencies).
Which one dominates to what degree likely depends on the asset.
Note well: This is my impression. I have not tested this hypothesis against historical data.