First, while many commentators and pundits related the U.S.$ price of gold (about $850) in the early 1980's as a benchmark (inflation adjusted) against which to measure the current price of gold, I don't see that as being particularly relevant.  My reason for this is that I believe fundamental world economics have changed markedly from the early 1980's to today, and the two times 'macro-economically speaking' are so changed that comparing 'much of anything' in the early 1980's to the increasingly globalizing world economy today - and resultant ongoing world economic power shifts - is not sensible.

Second, I believe we will witness a continuing weakening of the U.S. against its trading partners going forward - and see the U.S. Federal Government caught between a rock and hard place as (I think) U.S. protectionist policies or policies that lead to serious U.S. inflation rates each would do nothing but further exacerbate the problems faced currently by 'Main Street Americans' - to whit, and continuously lowering standard of living.  That leads me to conclude the U.S.$ is more likely to fall further which ought to cause the price of physical gold to go higher from here - although while I am prepared to comment on what I think of trends, I am not smart enough (nor do I think anyone else is either) to predict specific gold price targets.  Moreover, any number of recognized possible 'world conflict events' and unanticipated events could propel the price of physical gold as a safe haven higher.

All in all, I not concerned with the price of physical gold in the context of physical gold itself, because philosophically I see physical gold as a protector of 'purchasing power'.  I am, of course, concerned about the price of physical gold in the context of gold exploration and mining companies.

Perhaps other contributors will either add to this answer, or provide their own separate answer to your question.