Why does high oil price sometimes weaken gold instead of strengthening it?

I’ve been trying to understand something recently.

Intuitively, geopolitical tension and rising oil prices should support gold as a safe-haven asset.

But recently, gold seems to struggle when oil rises.

From what I understand:
higher oil → higher inflation → central banks delay rate cuts → higher real rates → gold pressured

Is this the correct mechanism?

Or am I missing something in how markets price this?