The fear about gold is not about how low it can fall or fall how many months, but how long its price may stagnant in range bound.

Last time it took about 25 years, before having a upside breakthrough, or in other word price stagnant for 25 years.

As gold doesn't pay us interest nor having any yield, if the price is range bounded indirectly means that we are losing it to the inflation already.
Eg.
Gold price was USD300~400, at 1980, when a bowl of mee was RM0.50
Gold price at 2000, also USD300~400, but a bowl of mee was RM2.50

If there is war, the priority is running for your life.

If there is war, for ordinary people, even you have few kg of physical gold with you, enemy force or other starving people may just confiscate or rob your gold.
If storing physical gold is already a big risk during normal time for ordinary people, I cannot imagine the risk of being stolen, robbed during chaos time.

So, in my opinion, "hedging during war" is not for ordinary people who have no protection during chaos time.

With Fed try to pop up inflation, and money printing, 3000 is matter of when only.

With low or zero interest, property can't yield good, even myself is not gold bug now is interested in gold and gold etf.

So there is only one way ticket for gold now, until Fed decided to raise interest rate, which is many many years away.