"The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it...
But though labour be the real measure of the exchangeable value of all commodities, it is not that by which their value is commonly estimated...
Every commodity, besides, is more frequently exchanged for, and thereby compared with, other commodities than with labour." - Adam Smith, The Wealth of Nations, 1776
The problem with your theory (Adam Smith’s) is that central banks the world over are purchasing gold as a hedge to their wealth. Things are changing and actually the world is trending back to the gold standard by proxy.
Maybe a better way to view the situation is-How much gold(not currency) is your labor worth?
Right now ww are seeing the currency bubble bursting. The reason gold is high is because the supply of currency and the size of central bank balance sheets have increased enormously.