Gold: World’s Most Popular Precious Metal

The world’s most greatly desired precious metal is none other than gold. Gold has been applied vastly in a wide range of works of art, jewelry, and coinage since centuries past. Gold occurs as grains in alluvial deposits and rocks, having outstanding features such as shiny, dense, and soft. This precious metal has been proven to be the most malleable and ductile pure metal.

The most attractive feature of gold is its yellowish color and luster. Since gold is chemically not affected by moisture or air, gold maintains these characteristics.

Brief History

The derivation of the term “gold” can be traced back to an Old English Anglo-Saxon term “geolu”, interpreted as ‘yellow’. On the other hand, gold’s symbol ‘Au” can be traced back to the Latin word “Aurum”, meaning gold. The particular period of gold discovery is arguable. Certain accounts say that gold was discovered in 1848, which is the period the precious metal was found in California. On the other hand, certain historical accounts say that gold was extensively in use already by the Chinese, Greeks, Romans, South Americans, and Romans before the period it was discovered in California.

Uses and Components of Gold

All through history, gold is known to be a symbol of wealth and a measure of value. It belongs to coinage metals category along with copper and silver. Gold is a means of payment, both legally and commonly. Gold’s units of measurements are gram and troy. When it comes to indicating the quantity of gold contained in an item such as a piece of jewelry, “carat” is the term used. So, for a piece of say necklace with the indication ’24 carats’, it simply indicates that the necklace is made of pure gold.

Determining the Price of Gold

The price of gold is determined as an investor trades through the gold and derivatives markets. However, the day-to-day benchmark price of gold is made available in the London Gold Fix. The procedure is one in which gold’s price is derived on the London market every business day. Price is fixed in the morning and in the afternoon (two times each business day).

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