Is gold still more attractive than fiat, despite its surge over the past 3 years

\[**Disclaimer:** I am not looking for investment advice here. Also, I am aware that educated investors try to hold as little fiat as possible. But just for the sake of the example, I imagined that you had to choose between literal cash and gold, and was wondering if the following numbers/thoughts are correct. I. e., is cash's value really that fleeting?\]

I have little to no understanding of precious metals and do not know hot to rationally decide if any of them are in a bubble. Nonetheless, the graph of the gold price surge since 2023 looks somewhat like a bubble to me.

However, yesterday I thought that if someone had, let's say, $1000 and would very likely not need to spend it in the next 10 years, he'd probably still be better off to invest it in gold instead of holding it in fiat, no? I. e. even given the fact that gold will likely experience a significant correction after the surge since 2023.

With inflation sitting at 3.4% in the US and 2.9% in the EU, your cash would have left 74% and 76% of todays purchasing power. That means gold could fall to $3200-$3300 from its current $4350 until it would start to make a difference. Am I missing something here or are these numbers and assumptions correct?