Another important point is that it can be blended.

Also, to add to the jewelry point, humanity has a nearly unlimited desire for luxury and will always seek out status, which is why so many thousands of years later humanity still has such an immense desire for gold jewelry when we very obviously don't need it. Status seeking is not going away.

The continued expansion of human population, rising living standards and finite quantity of gold, ensures it will grow more scarce per capita (driving up its perceived value persistently).

At the median our soon to be eight billion people will have a higher standard of living than when we had only one billion people. There isn't nearly enough gold to match that extraordinary change.