This is not accurate. The once useful properties of gold have now been replicated using other (cheaper, alternative, and even synthetic) materials that perform better.
Gold industrial demand has virtually remained unchanged (probably because there is higher volume of goods produced even though lower usage per item)[1].
Gold usage %:
- Jewelry: 52%
- Govt holdings: 18%
- Investment: 16%
- Industrial: 12%
- Unaccounted: 2%
[1] https://blogs.thomsonreuters.com/answerson/gold-industry-dev...