Non-financial use is the majority of gold demand:

https://www.statista.com/statistics/299603/gold-demand-by-se...

Jewelry is definitely not just a fancier way to store gold. How many people do you know that sold their wedding rings when prices spiked?

I don't think intrinsic value is a meaningful term. Gold has been valued for millennia because it is very useful for making pretty things. And the price has been high for a long time because the supply of it is low.