It's nothing different with gold, gold is scarce and it was decentralized before not many people hold it. Now most of golds are hold by whales and institutions, they can easily manipulate the price. It also increase the possibility of scam because someone will try to create replication and since Bitcoin is a physical currency, there's no privacy anymore.
Gold is decentralized, a first time I see someone raises this point up for discussion. Everything can be manipulated and it is a long history of human civilization. They can manipulate goods like rice, sugar, etc. and I don't see manipulations only limited to Bitcoin, gold or oil.
With digitalized for trading gold, manipulations are more quickly executed, done and shown its impacts on market price. It is very common, not like something only special to only Bitcoin, gold or oil. We can see it in stocks, real estates and many others.
I think Bitcoin grew to the current extent just because of the excellence of its technology. I am not sure if it would have been physical then it would have been just something old by now. Bitcoin is special because it is digital, maintains its data integrity, and is irreversible.
Technology is important for Bitcoin success because with blockchain, Bitcoin has many advantages. Public, transparent, traceable, portable with any small item like paper piece, USB, small disk, on mobile devices, laptop. The convenience is unique and is so attractive for people who want to explore something new, unique but most attractive thing from Bitcoin is its security, privacy and anonymity for Bitcoin users.
Gold can not, fiat currency can not, cash can not, CBDCs can not.