> And what was happening in the 80s? Inflation.

Gold was high in 1980 specifically and dropped after 1980 even when inflation was still high.

Gold also had a peak in 2012: was there inflation then?

> And what’s happening now?

Nothing. Inflation peaked in February 2023 and has been dropping ever since:

* https://fred.stlouisfed.org/series/CORESTICKM159SFRBATL

Gold didn't start going up until September 2023 and has been rising. Gold and inflation are currently inversely related.