What is Gold?

Gold, the lustrous metal with a rich history and timeless allure, has enchanted human civilisations for millennia. No other metal has been as desired, to be fought over and revered as gold. It has long been equated with power and prestige in ancient cultures and mythology. Gold holds a special place in our lives and economies. Its rarity, beauty, and enduring value make it a symbol of wealth and authority. Hence, today also, gold means sheer purity.

History of Gold

Broadly, the history of gold goes back to over 5,000 years, when man first discovered it. There are even records that claim gold was first discovered in Egypt. However, some records put the figure at around 3000 B.C. in the Middle East, where it was initially used for personal purposes. Nevertheless, the Egyptians, Greeks, and Romans considered gold as a symbol of divinity and used it to craft intricate jewellery, coins, and religious artifacts. Later, as trade routes expanded, gold became a global currency, linking cultures and economies across continents.

What is Gold?

Gold is a chemical element with the symbol Au, derived from the Latin word, ‘aurum’. Its atomic number is 79, and it belongs to the noble metals group. This means that gold is unreactive, non-corrosive and its exceptional stability makes it an ideal material for various applications. Gold is known for its distinct yellow colour and metallic lustre. Also, it is one of the most ductile and malleable metals.

Occurrence of Gold

Gold is found in trace amounts in all igneous rocks. While gold is a rare metal, it is widely distributed throughout the Earth's crust. It is often found in quartz veins or alluvial deposits, accumulating in riverbeds and sediments. Gold can also be found as a solid mixture with silver, as an alloy with copper and palladium and as mineral inclusions like pyrite. It is recovered as a by-product in the refining of those base metals.

The major gold-producing countries include China, Australia, Russia and the United States.

Facts About Gold

Cultural Symbolism:

Throughout history, gold has been associated with wealth, power, and divinity. It has been featured in religious ceremonies, has been a symbol and measure of royalty, and prosperity in general.

Unchanging Color:

Unlike many metals, gold's colour remains unchanged over time. This property has contributed to its symbolism of permanence and endurance.

Alloyed for Making Jewellery:

Pure gold is too soft for many practical uses, so it is often alloyed with copper or silver to enhance its strength and durability when making jewellery.

Global Reserves:

Central banks worldwide hold significant reserves of gold as a form of currency and a hedge against economic uncertainties.

Astronomical Gold:

The formation of gold is thought to have occurred during the explosive deaths of massive stars, a process known as supernovae.

Gold is Extremely Rare:

Unlike diamonds that can be synthetically manufactured, gold continues to be rare and, hence a precious commodity.

Chemical and Physical Properties of Gold

Gold possesses several remarkable physical and chemical properties that contribute to its versatility. Some of these are:

• Gold is one of the densest metals.
• It does not rust.
• It is non-corrosive and non-toxic.
• Gold is resistant to tarnish and corrosion, making it a preferred material for many applications.
• Gold is a better conductor of electricity than copper and silver as it remains conducive for a longer time.
• Gold is highly reflective and so used in making accessories for space missions.
• It is highly ductile, meaning it can be rolled into very thin wires.
• Also, being highly malleable, gold can be easily made into sheets.
• Its melting point is relatively low at 1,948 degrees Fahrenheit (1,064 degrees Celsius), allowing it to be easily crafted into various forms.

Uses of Gold

• Gold's uses extend far beyond its ornamental value.
• There is a financial asset for investment in gold and wealth preservation.
• One of its primary applications is in jewellery, where it is cherished for its beauty and durability.
• In technology, gold is a crucial component of electronic devices, including smartphones and computers, due to its excellent conductivity and resistance to corrosion.
• Gold is used in dentistry for its biocompatibility.
• It is also used in the aerospace industry to layer the insides of the spacecraft to protect the astronauts from infrared radiation and heat. Helmets used by astronauts have a thin layer of gold.
• Traditionally, gold was used in the Ayurvedic and Unani systems of medicine to treat rheumatoid arthritis, diabetes and diseases related to the nervous system. Even today, it is used in supplementary medicines.
• Gold is also used in beauty products in the personal care & wellness industry and in the hospitality industry.

Gold Rate Today

Gold being an international commodity, is affected by several domestic and international factors. At any point, the price of gold is determined by external events such as geopolitical issues, a strengthening/weakening Dollar and changes in the Fed’s interest rate. Also, domestic factors such as octroi, local taxes and transportation costs also apply.

To know ‘what is gold rate today’, there are several online and offline resources available to know the gold rate on a given day. When using either of these resources, ensure that the source is reliable.

Conclusion

In conclusion, gold is much more than a precious metal. It symbolises achievement, endurance, and the timeless pursuit of beauty and wealth. Its journey through history reflects the evolution of societies, economies and technological advancements. Whether as priceless jewellery, as an investment avenue, as a reliable store of value or its use in conducting electricity in modern gadgets, gold continues to maintain its significance.

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