Giving gold or anything a value is very tricky and you are quite right when you say it all depends.
From electrical point of view it is quite valuable although silver i almost as good and it useful is narrow because of it´s high price. For jewelry it is pretty metal, very easy to use, has nice color and has symbolic meaning for people so that makes it valuable to them. From rarity on earth point of view it is somewhere in the middle of the scale so not really a big deal. The fact cold does not corrode very easily and is resistant to many acids has some usefulness and uses, but it is also quite soft and heavy metal with a low melting point.
The value of gold is rooted in its medium rarity, easily handling, easy smelting, non-corrosiveness, distinct colour and non-reactiveness to other elements; qualities most other metals lack. The main point that gives gold some value in my eyes is that it has a unique combination of properties which can be found in other metals also but those metals are usually even harder to find, plus people have already given gold it´s nowadays quite high monetary value.