Book value is the value of asset shown in financial statements while fair value is the value at which asset can be sold in market

No.

Accountants most often refer to current costs as fair value.

Historical cost and fair value are opposite effects. Historical cost, also known as historical value, is what an item is worth due to its age. Fair value is what the actual value of said item is.

A fair value of gold depends on the currency and a fair price can only be estimated at an exact time of purchase. Therefore fair values can range considerably.