Exiling an opponent’s creature and getting yourself a token that can be sacrificed to give you one mana is not bad at all. As long as the Theros Gods were in Standard, who were indestructible, removal that could exile was very useful. Gild saw most of its play in Theros Block Constructed on Magic Online with the occasional sideboard play in Esper Control and Jund in Standard. Gild was also very strong removal in Limited events.
After its rotation from Standard, Gild has found a few homes in EDH decks. The Commanders who utilize Gild the most include Daxos the Returned and King Macar, the Gold-Cursed. Being an Enchantment-focused deck, Gild wouldn't seem an obvious choice of removal for Daxos. Yet people have chosen to play it since it’s included in the same Commander 2015 deck as Daxos. The natural place for Gold is easily King Macar, who has an ability just like Gild. It's an inspired ability, meaning it activates whenever he untaps. King Macar isn't an incredibly competitive Commander on his own, but he's flavorful.
Gild isn't the optimal choice for removal in Commander, as there are other more efficient options. Still, the Gold token can be useful. It's a flavorful card but not one you'll see many people play anymore unless it's in place of other more pricey removal in a casual deck.