Gold is a special commodity that has traditionally been considered to be a store of value over centuries. In an ever changing world, gold is supposed to be the only constant in the sense that it preserves its value. This is reason why gold has historically been used as money over the ages. If one were to hold this view, then it is quite likely that gold should neither appreciate or depreciate in value and should remain constant. However, gold has seen a bull run for over 10 years with its value rising exponentially. So how can this be reconciled? Actually it wasn't gold that appreciated - instead it was money that lost its value on account of inflation. Inflation in an economy only occurs if the central banks prints money out of thin air (every time the Fed prints a $100 bill, the value of all $100 bills in the economy goes down given the increase in $100 bills in the economy manifesting as inflation or loss of purchasing power of money).
Now have a look at this chart which shows you how gold has reacted to the expanding balance sheets of central banks (or to inflation):
While it is difficult to predict how things will pan out a few years hence, there is one thing which is certain. There is a lot of printing yet to come. My view is that gold is likely to go up 3x-4x in the coming high inflationary periods. If you are wondering how many ounces of gold and silver are needed t cover expenses in high inflationary periods, here is an highly recommended article by Jeff Clark that i urge you to read.