Over the years during times of inflation, the value of gold has been seen to rise. This makes it a great hedge against inflation. Since gold is priced in terms of fiat currencies, just like other goods, its price rises with that of other goods as fiat currencies lose their purchasing power.
It is also worth noting that as the value of stock plunges during years of high inflation, the value of gold skyrockets. As such, whenever financial uncertainty looms, gold is seen as a great investment that not only holds its value well, but also appreciates during times of inflation.