Why gold may not be an inflation-proof investment

With an average daily trading volume of $183 billion, gold is one of the largest financial assets in the world. At the start of 2000, gold was priced at just $460 per ounce, when adjusted for inflation. By August 2021, that number had ballooned to roughly $1,815 per ounce. But not all investors are in love with gold. Warren Buffett has spoken out numerous times on his doubts, calling it an asset with "no utility." So just how valuable is gold as an investment?