Band member Gary Kemp started writing this song as a spoof of James Bond theme songs, specifically Goldfinger.
Gary Kemp recalled the writing of this song to The Mail on Sunday March 13, 2011: "I used to get my brother Martin to come in when I was writing songs to give an opinion, muck about on his bass to see if I was going in the right direction. He loved 'Gold' from the start so I knew that I was on to something.
There's no formula to writing a song like that, but the title is key, there's no point writing a great melody and not knowing what the title is. It's so hard to put the title over a melody you've found – it's better to think: I have a great title, a great opening line, how do I make that into a song?"
The band was made up of Tony Hadley (vocals), Gary Kemp (guitar), his brother Martin Kemp (bass), Steve Norman (guitar), and John Keeble (drums). Both Kemp brothers appeared in the film The Krays in 1990. Martin Kemp later acted in the BBC soap opera East Enders as Steve Owen. In 1998 Hadley, Norman and Keeble sued Gary Kemp, the chief songwriter, for a greater share of the royalties, but lost the case.
The BBC used this song in their coverage of the 1984 Olympics in Los Angeles.