It is rare
Gold belongs to the noble metals class, a class of metals that includes the ones that are relatively rare compared to others. The fact that it’s rare made it more valuable.
Throughout history Gold was considered a very precious metal. Many stories were told about journeys to find gold and get rich. Those stories and events made people more in love with Gold.
It’s associated with being rich
Throughout the years Gold has always been described as a symbol of wealth. Owning Gold gives the person the feeling that he is among the rich ones.
Its chemical properties
Gold can be kept safely without reacting with the environment. As a result, people realized that it’s a good source of value since it can be kept safe compared to many other metals which are more reactive.
To display fortune
In many cultures people wear Gold accessories in order to display their fortune and show off their wealth. This made Gold more of a symbol of status.
It keeps the value
Gold is known for its ability to keep the value of money, especially when other asset classes are negatively affected by bad economy, wars or any other reason. See the factors that affect the price of Gold. (See 14 Factors That Affect The Price of Gold)
It can be cashed easily
Unlike other asset classes that can be hard to carry or difficult to liquidate, gold can be cashed easily and can also be carried around in case the person has to leave his place.
It isn’t hard to extract
While there are some rarer metals such as titanium and zirconium, they are hard to extract and were especially harder to extract for the early man.
Can easily be converted to coins
Because gold has a relatively low melting point, it can easily be melted and converted to coins or other jewelry.
Gold’s Golden distinctive color makes it more appealing than other metals such as silver. The fact that Gold is distinctive in addition to all of its other qualities made it appeal more to people. (See Why are bright colors eye-catching?)
Distrust of monetary systems
People who distrust current monetary systems love Gold because they know it can protect their wealth in case anything went wrong.
Because gold is considered a precious metal it became an integral part of some cultures such as the Indian culture. In some cultures gold must be offered to the bride to get married.