Over the past four thousand years gold has been regarded as a form of money and store of wealth. The use of gold has far outshined the alternatives for a number of reasons including its scarcity, brilliance, nature (weight, softness), softness and resistance to tarnish.
Since the end of the gold standard, gold has largely lost its role as a form of currency, but is still considered by many, including some of the world’s most important central banks, as a store of great worth and a safe haven in times of calamity. Gold along with other precious metals are seen as matchless assets in that they are real (have real value) and liquid (easily traded), unlike some other assets like property which is real but not liquid, or company shares which are liquid but not real (since a share certificate is just a piece of paper). However there are other traders and investors see gold as nothing more than just another article of trade, similar to copper or lead, and buy and sell it as such.
However, gold does preserve a special position in the market with many tax regimes. For example, in the UK the trading of gold is free some taxes. Unlike silver, and other precious metals and commodities, that don’t have the same privileges.
