High-resolution gold-valence-band photoemission spectra were obtained by the use of monochromatized $\mathrm{Al} K\ensuremath{\alpha}$ radiation and a single-crystal specimen. After background and scattering corrections were made, the results were compared directly with broadened theoretical density-of-states functions. The following conclusions were drawn: (i) Relativistic band-structure calculations are required to fit the spectrum. (ii) Both the Korringa-Kohn-Rostoker calculation of Connolly and Johnson and the relativistic-augmented-plane-wave calculation by Christensen and Seraphin give density-of-states results that (after broadening) follow the experimental curve closely. (iii) Of the theoretical functions available to date, those with full Slater exchange agree best with experiment (perhaps because of a cancellation of errors). Fractional ($\frac{2}{3} or \frac{5}{6}$) exchange gives $d$ bands that are too wide. (iv) Eastman's 40.8-eV ultraviolet photoemission spectrum is similar to the x-ray spectrum, suggesting little dependence on photon energy above 40 eV. (v) Both (ii) and (iv) imply an absence of strong matrix-element modulation in the photoemission spectrum of gold.