Should gold really be tied to US interest rates

Should gold really be tied to US interest rates? Last week, gold dropped 2% early in the week on concerns the Fed may hike rates sooner than expected. As Yellen clarified her comments at Jackson Hole late in the week, the yellow metal regained about half a percent. Clearly, gold prices are closely tied to US interest rates at this time. Nevertheless, I believe the relationship between gold and the Fed rate is often oversimplified. After all, the US dollar is heavily impacted by what's going on in the rest of the world. Given all the political and economic turmoil prevalent across the globe, gold and the dollar shouldn't necessarily maintain their typical inverse relationship. We'll see what happens to long-term gold prices once the Fed starts raising rates, but it may not be as cut and dry as this past week showed.