Gold

Gold is one of the most precious and desired metals with high amount of malleability. It can be easily molded into any shape. From ancient days, it has been a primary medium of exchange. It was also used to make gold coins. Gold jewelry holds a special place in the heart of every woman for it helps to enhance her beauty. Gold was used widely for making coins. Gold’s authenticity can be tested by dipping it into nitric acid, where it does not melt, unlike the other metals. It is also marked as having a high recycle value. It is the basis of monetary standard which is used both by International Monetary Fund and Bank of International Settlements.

United States of America is the major producer of Gold followed by Germany. Canada and Australia are also large producers of gold. The current value of gold globally amounts to $350 per ounce.

Gold reserve refers to the amount of gold coins, gold blocks and bars that are kept in reserve by Central Governments and international banks. The Central Governments maintain huge gold reserves with them because it helps in international trade. It is the only metal which has international acceptance. So the Central Governments can exchange gold for any other country’s national currency. International Monetary Fund and other banks of international repute and standards also maintain huge gold reserves with them.

Renowned gold mining industries from different parts of the world came together to set up the World Gold Council whose primary task was to maintain vital records on scientific and technical information about gold.

Gold’s market value is ever fluctuating as it is a very precious and useful metal. This expensive metal is increasingly being used in different industrial sectors. It has great significance in the sector of dentistry and medicine because of its utility in the manufacture of gold teeth and other equipments. It also has great importance in the sphere of art and craft owing to its mesmerizing beauty.