Even less of an investment then. As an investment it's a greater fool one. If you buy it for non-investment purposes then the investment definition doesn't apply. Same as art or classic cars. If you buy it to resell, that's when it applies. If you buy it as an input into a business process then it doesn't, but that's not the common case.
Well not exactly, the largest consumer of gold are Indians and they buy gold jewellery to show affluence. Most of the jewellery is passed down generations.