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I pay 1 gold per 1.9 hour on my crew on my brig which has 15 crew so that is almost 200 gold per day in crew payments.
You can buy decorative items with it.
I remember Dragon being 50.000 gold, idk where exactly you buy it.
In next update they are adding merchants and freeport vendors that sell items for gold (from my understanding)
I expect these items to be relative expensive but probably good way to get things like salt, oil and other things that can be hard to obtain. It might also encourage trading between players more also at cheaper rates.
Considering they have added several new things to use gold for in the latest updates they will probably add more in the future.