Gold isn't used in jewelry because it's particularly suitable for jewelry. It isn't used because it's pretty, or shiny, or smooth against the skin. It's used because it's expensive. So it's fair to say that jewelry is very much tied to store of value and speculation.

Jewelry is incredibly expensive compared to the value of the gold in it. But only when you buy it, not when you sell it.

That's a moot point, Gold actual usage has no relation with its usage as a store of value. It's used as a store of value because it's shiny and people associates it with "value".

Think: why are diamonds so expensive?

Maybe I don’t follow you but if more than half of gold use is jewelry then it seems the use has a lot to do with it’s value. People trade gold on top of that but it’s linked to use. If jewelry demand dropped 98% it would surely affect the price of gold.

> half of gold use is jewelry

uh, no that's not true. I bet there's more bitcoin being used to buy drugs than gold being used in jewelry