The monetary value of gold emerged organically because it turned out to be the best available option for transactions between untrusted parties. After the emerg

The monetary value of gold emerged organically because it turned out to be the best available option for transactions between untrusted parties. After the emergence of modern states, this use case was restricted to cross-border payments since strong legal protections and centralized banking systems made fiat currencies trustworthy enough for domestic commerce. But anyways, if one looks at why gold emerged as the preferred money for its time and place, “finiteness” aka non-zero marginal cost of production is certainly a relevant factor.