Gold is a useful material for some use-cases, and people want it because it's pretty. Even if its intrinsic value is overshadowed by store-of-value value, BTC has nothing on that front.
Although meeting in person to physically transfer gold requires a similar amount of trust, so ¯\_(ツ)_/¯
Which is a huge win for gold.
I'm still looking for all my apes that got stolen.