You said that jewelry and industrial use outweighs investment use, but gold reserves (investment) far outstrip yearly transaction amount, that is the difference with other commodities, where it is rare to have more than a year supply. It is a feature of gold and that is why people call it a "store of value".

Transactions are necessary but insufficient for something to become a store of value. For example, steel is sold in great amount, but it is not a store of value.