It's neither. Soybeans are just another commodity with fluxuating value depending on the market for soybeans. Gold is a hedge against uncertainty. I have yet to hear anybody posit any suggestion that the "fluxuating value" of gold is in any way related to an increase in demand for semiconductors or ornamentation or is in any way related to a decrease in the production of gold.Either you own gold and it has the value of gold as long as you own it (and everything else is FIAT) or gold is just another commodity with fluxuating values depending on the market for gold.
People don't "need" gold. That isn't why they're paying sky high prices for it.