This is one of the reasons why gold was used as money for thousands of years. It was easily recognizable and difficult to counterfeit. Unfortunately, nowadays people are not that familiar with gold in order to be sure whether the piece is fake or not. Unless there is a simple method to detect fraud, the average guy will always be afraid to risk his own capital in gold investments.
> "Gold has a very unique color [...]"
Agree, gold is the only metal element that is yellow. However, there are some alloys with similar color (at least for a naked eye) which are not that easy to be spotted. Fortunately, most of this cases can be identified with simple tests such as:
- signs of oxidation
- signs of discoloration
- magnet (gold is diamagnetic)
- bite (gold is relatively soft)
- ping (mainly for coins)
- density
Even so, there is no way of a serious goldsmith pay full price in a gold piece without doing further analysis such as acid test, XRF or even melting the piece.
> "Why wouldn't comparing the reflected light from two evenly finished pieces of metal [...] give a decent answer?"
There are some practical problems with that:
1) Gold coins
There are several parties minting gold coins. Each one with different textures, images and sizes. So, this would require a considerable effort to build a database for each gold coin reflected light.
Nowadays, the only characteristic that is roughly the same is the 99.9% purity.
2) Gold bars
Gold bars for investment usually don't have special surface treatment. The molten metal goes into a mold, cools down, receives a foundry mark and it's basically ready for delivery. So, due to this manufacturing process, there will always be some irregularities over the surface, like small waves in the middle of a lake.