There is much more gold mined then used in jewelry or electronics. And the jewelry often gets recycled since people don't tend to carelessly throw out their gold jewelry.
The super majority of demand is just making bars to sell to banks and individuals to keep in vaults. This naturally means what controls its price is largey the amount of stockpiling going on.
Gold going gangbusters was mostly a sell off of US treasuries over the tarrif chaos last year which ended up chasing gold. It couldn't for example chase housing in China given the massive slump in their housing markets for years.
The straight being closed doesn't really signal to central banks or individuals that they need to sell more goverment bonds and swap into gold. If anything they will probably be tempted to sell to cover goods inflation from oil shocks.
Before the war central banks were buying it up like crazy. Iirc, it has surpassed US treasuries as assets for the first time quite a while.
https://www.reuters.com/world/middle-east/turkish-gold-reser...
Gold, a 'safe haven' in uncertain times: Why is it crashing amid a war?
31 days ago | https://news.ycombinator.com/item?id=47526511