Gold was valued for its use in ornamentation. For example, we have correspondence between a Mesopotamian city-king and an Egyptian pharaoh; the king sends many letters expressing his need for unworked gold and hoping the pharaoh will let him know of a need -- any need -- of Egypt's that he might be able to satisfy.
In the end, he earns a tribute from Egypt by sending his daughter to marry the pharaoh. He receives several truckloads of gold -- but writes to express his disappointment that it has already been worked into statues.
So yes, you can use gold or you can spend it, but, like everything else, you can't do both.