Why should the price of gold be higher and what leads you to this conclusion? Gold is performing slightly better than inflation, what’s the issue?
Having billions in speculative dollars buying assets with zero intention of consumption does not equate to true price.
It is actually us who are manipulating commodity markets. I was there for silver in 2011 and saw the intentional crashing of the Comex. The rules then changed and guess what? All that demand suddenly vanished and after 2 decades price is still -40% lower than the peak.
What time period are you viewing? Sure, gold prices have started to climb. It just looks to me like it has a lot more room to run, unless the price is kept down artificially to reduce the impact on manufacturing and sales.
Here are some past prices:
July 2011 Ounce of Gold: $1,825
April 2024 Ounce of Gold: $2,382
Increase of 30.52% in 13 years
Food prices are up a lot more than 30.52% the past 13 years. Not sure how accurate these numbers are, but here's a site that calculates a 47% increase in food from 2011 to 2024. I think it is probably more than that.
https://www.in2013dollars.com/Food/price-inflation/2011-to-2024?amount=100Gold is a scarce asset. And if you zoom out from 2011 to 2024 it has not kept up with the cost of certain goods.
Electronics have gone up in some areas and stayed the same in other areas. TVs have come down and the tech specs have gone up. 15 years ago a top of the line motherboard would run around $250. Now they go for over $1,000 - see the MSI Z790 Godlike. The tech or features are a lot more advanced though.
https://www.msi.com/Motherboard/MEG-Z790-GODLIKE