Some people value gold because it is pretty. And some people value gold because it is useful. And some people value gold because the government can't create new gold out of thin air.
It doesn't tell the whole story. Gold is pretty, but we can make prettier things nowadays, or simulate it's look. Gold is useful in electronics, but historically it's useless. It was once good that governments couldn't make gold, but we've moved away from the gold standard in modern days for the same reason.
Sorry, lost you. What was the same reason?
It is possible to create gold out of thin air - side effect is radioactivity.