Inflation in the US is sky-high. People are just buying what they can for their fiat. Many of the main cryptos are also either at ATH or slightly below. Then add the crazy valuations of the stock market and it is just normal that people look for some "cheaper" stuff like gold and silver, with the latter still being far from its ATH.
Gold is simply functioning as it is intended. When stocks go down, investors flee to gold and the USD. When stocks really tank, investors liquidate everything in the short term, including gold, in an effort to deleverage and raise cash. The USD is then the undisputed king. Then as stocks slowly recover and inflation either occurs (early 1980's) or is expected (2008-2012), gold typically rises again.