What is Gold?
Gold (Au) is a mineral which is the seventy-ninth element on the periodic table. Gold is one of the higher atomic numbered elements which occurs naturally. It is a slightly reddish, yellow ,mailable and soft metal .Gold , chemically is a transitional metal and a group 11 element. It is one of the least reactive chemical elements and is solid under normal temperatures and conditions . Gold is said to be extra terrestrial in origin and got to Earth during Supernova events (if you would like to learn about another valuable element which turns into Diamond click here). The valuable element is an asset to many and can be used in many different ways. Gold pricing and measurement systems help to define how much Gold costs per weight.
Gold nuggets are usually mined in various bodies of water or in mines where the tiny grains are in large deposits. The largest miner of Gold since the 1880s is currently South Africa, this country presently accounts for 22% of the World’s Gold supply. There are a few different mining techniques used to find and extract Gold.
- Placer mining- Gold that has been accumulated in a placer deposit is extracted . Placer deposits are composed of relatively loose materials which makes tunnelling difficult. Most means of extracting Gold using this method involves water or dredging.
- Hard rock mining- this is the method of extracting Gold that has been encased in hard rock, rather than extracting fragments in loose sediment.
- Panning-Gold panning is the most manual means of extracting Gold. Sand and Gravel which may contain Gold are placed in a wide, shallow pan , submerged in water and shaken , Gold is very dense and so if there are and Gold fragments present, they quickly sink to the bottom.
Gold measurement and pricing
Karat is the unit used to measure Gold. A Gold Karat is 4.1667% of the whole and the purity of a Gold alloy is expressed as the number of the parts of Gold it contains. Therefore, a metal which contains 16 parts Gold and 8 parts alloy is called a 16 Karat Gold piece. Pure Gold is considered to be 24 Karats. Gold filled jewellery has a higher Gold content and tends to last longer. The purer the quality of Gold within the jewellery, the more expensive the jewellery.
1 ounce of Gold – $ 1,878.51 USD
1 Gram of Gold -$ 60.4 USD
1 Kilo of Gold -$ 60,395.50
Gold , along with Diamond and Silver are some of the most common minerals which are used to make jewellery. Gold can be used to make a variety of Jewellery items like watches, bracelets, chains ear-rings and rings. Gold jewellery that contains Gold in its purest form is more expensive than Gold that has been combined with an alloy.
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