A scenario-based thinking tool for the gold price
This comes down to the difference between nominal and real rates. What matters is not the number the central bank announces, but what is left of it after inflation. A 15% rate against 20% inflation still yields a negative real return. Gold is rarely hurt by this kind of "hike"; in fact, it is often supported by it.
The Volcker era from 1980 to 1982 is the clearest case in history. Real rates were forced deep into positive territory, and gold fell sharply, spending the next two decades going nowhere. The reverse happened in 2011 and again in 2020 when real rates went negative and gold peaked.
Roughly, rising real rates act as a headwind, and falling or negative real rates act as a tailwind. But this is not the only factor; record central bank buying in 2022-2024 largely offset the damage of the rate shock.