Gold > production.
I mean, obviously you can't completely neglect production, you need it to get districts up, you can't do anything without districts, and you need to build at least a few units, you also won't be able to afford to buy all the buildings you want and will have to hard build some of them.
But the game is quite imbalanced right now, science and culture are far too cheap resulting in a very fast tech pace, production doesn't keep up with this, it increases much more slowly as you improve your lands, grow your population and build buildings.
So, production is quite undervalued, at higher difficulties at least it never keeps pace with tech and culture, leaving your production in all but your top handful of industrial cities lacking and painfully slow.
Gold, on the other hand, grows much faster through policies, spending gold and population, so it manages to keep pace with science and culture and is balanced somewhat similarly.
So, you need some of both, you need some production to get your first few units up and running, if you're doing Domination, you need it to train reinforcements for your army, if you're doing a SV, you need one, preferably two high-production cities for the victory, in a CV it's not worth much but you still have to build theater squares. You can't neglect production completely, but outside of those niche situations, gold is generally worth more and you're better off choosing gold over production when you have to make a choice (in everything except map tile yields). That's why a CH is generally a priority to build in every city, while IZ/Encampments are typically a third or optional build.