Probably 1 of 3 reasons Gold was valuable at all to the ancients:
1. Gold is the most malleable of all the metals, making it easy to coin in extreme detail.
2. Antimicrobial properties (probably known to the ancients).
3. Oh look, its shiny!!! We are no less vain now, than then. Or perhaps no less vain then, than now.
Edit: Sorry I think you were referencing aluminum.
0. Gold doesn't corrode/oxydize/otherwise react easily with most common elements, thus keeping it properties over extremely long periods of time.
I doubt they knew or cared about 2). They did care about 1) being malleable and therefore easy to turn into pretty objects. They also cared that 3) it was shiny. But the main selling point was the fact that those pretty, shiny things lasted and could even be passed to the next generation ;)
You are probably right about 2 as well, the reasons I like to think they might have been aware: 1.) there were Amphora made of both silver and gold; and 2.) they recognized the antimicrobial properties of other things (example: honey on wounds to avoid infection).
Obviously the Amphora could simply be chalked up to displays of wealth, but I would think they observed the delay in food/beverage degradation in those Amphora compared to standard clay. I guess the funny thing with gold is even today we don't have broad industrial usage (probably good because of the limited supply), though I I suppose trace amounts are used in some modern electronics.
http://www.npr.org/sections/money/2011/02/07/131363098/the-t...