In the movies Aiglos is kept in Rivendell. In the Narsil scenes it can be seen displayed in the same room(or so I've heard from fans, I haven't watched the films for a white). I believe this is what may have happened in the books as well. Elves are not a warlike race, and usually weapons belonging to great kings or warriors were stored as heirlooms instead of being buried with their owner or used by others(eg.Tuor's axe, Aranruth, sword of Thingol etc.). Probably Gil-Galad's spear was kept in reverence of the fallen King.
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