What is the reasoning for making a buddhist statue out of gold?

The Golden Buddha, officially titled Phra Phuttha Maha Suwan Patimakon, is the world's largest solid gold statue. What is the justification for such a statue? By justification I mean, what reasons would the Buddhists who created/use the statue give to explain why keeping gold (often seen as a sign of wealth and power) as a statue is right; as opposed to using the money from melting it down and selling it to buy meals for the homeless or others in need.