actually I don't think so. Gold has still a place in this world and it will not yet be obsolete. But in the future I think it would be, however gold still has a use for electronics and stuff. maybe that would be the future. Gold will no longer be something that holds value but more of it would be just a raw material for production.
I do agree with you, when the price of gold is cheap enough to become raw material for production, companies will start using gold in their product. Also gold gain the reputation because of mass marketing and scarcity.