The Nixon Shock was the end of the Bretton Woods system (kinda sorta a gold standard) and the beginning of unlimited inflation we see today. Everything absolutely went to shit after Nixon, especially inequality.
Is gold actually worth something though? Most of it's value is also just because it lasts a long time and we all think it is valuable. And I disagree that things have gotten worse only since Nixon
Gold has some value from use in corrosion resistant cables, contacts, or telescopes, but it's mostly just an agreed upon store of value like any other currency