Gold is now more volatile than ever due to rising geopolitical tensions. It has seen a sharp decline in prices, as a result of the FED leaving rates as is and the on-going US-Iran-Israel crisis. Before the war, Gold was soaring sky-high alongside Silver. It was nearing $6k an ounce. Now it's worth $4.5k an ounce (based on current spot market prices).
As you said, gold price skyrocketed before the war. This means that the current correction in gold price is primarily due to profit taking, not war or interest rate. Because no asset can increase in a straight line.
We're starting to see Gold behave more like Bitcoin recently. So I wouldn't say Gold is a "best candidate" as a store of value. Long-term speaking, Bitcoin should be able to outperform Gold. It might go as far as overcoming Gold's market cap. That's a big "IF" because Gold has been around for centuries, while Bitcoin is fairly new to the world. Only time will tell us if this becomes a reality or not.
Gold has weathered countless global political and economic crises over the millennia. These are thing that Bitcoin has never experienced, so it would be a biased and unfair assessment to say that gold is no longer reliable based solely on the current situation.
Gold prices are correcting and may fall further, but I think we should not fantasize about Bitcoin surpassing gold. Gold's market capitalization is 23 times greater than Bitcoin's.
