The demand for gold (and hence its price) is not driven entirely by its monetary usefulness because it has other uses such as jewelry and electronics. But a non-trivial fraction of its price comes from its usefulness as money. How big is that fraction? Let's be conservative and say it's only 25%.
I'd say that, at actual price of US$ 1600, 95% of the price is monetary usefulness. Remembering that copper has a better conductivity than gold.