It has fundamentals.
The last time I checked it cost $1,200 to get an ounce of gold out of the ground. So that's the basement price. Gold won't drop too much lower than that because it costs more to remove it from the ground than what it's worth.
If that happens the gold producers would stop mining gold & put all their mines on standby. What will that do? There's still demand for gold, investments, jewellery, space exploration, art, food, electronics & central banks are now net buyers of gold. So if the miners stop with all that demand still in place it will ensure the price of gold will stay high.
It may drop to $1,000 or $900 in US dollar terms but it won't stay there for long.
Any assets can be a short term speculative trade if you have a high tolerance to risk. That fact doesn't undermined gold's potential or fundamentals.
Traders will trade.