Gold’s intrinsic value (beyond its many uses in technology) refers to its actual qualities that make it suitable as a monetary instrument. It has qualities that no other material yet discovered has to the same degree. These qualities are immutable and do not change over time. They are intrinsic to gold and to no other substance.

They’re notably more or less the same qualities that Aristotle described thousands of years ago.

Gold is durable, divisible, consistent, convenient, and it has value in and of itself — not dictated by law or custom.

In the same way that aluminum as an element is particularly suited for building airplanes, gold is particularly and practically suited for use as money. It does not rust, rot, or evaporate. You can cut it in half and not destroy its value. You can carry a fortune in a backpack. One unit is fungible with any other. Perhaps at least as important: no government or bank on earth is hellbent on devaluing it as a matter of policy, like they are with literally every currency under their management.

Now before you dismiss the actual value of these qualities, try to think of any other substance known to man that would fulfill them as well as gold in all parameters.

Of course, all commodities are subject to speculation, but that has nothing to do with their intrinsic qualities or lack-thereof. People speculate on corn too…

So the value of gold is in its utility borne by its intrinsic qualities. If you’re questioning its actual utility than I would point to the fact that every major central bank on earth holds gold. Is it because of some tradition?