Gold: what makes it so desirable?
- October 7, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Gold: what makes it so desirable?
Sub: Geo
SEC: Eco geo
Context:
- Each of the Nobel Prizes to be awarded from October 7 will include a medal of electrum, an alloy of gold and silver, plated with 24 carat gold.
About Gold:
- Atomic Number: 79
- Latin Name: Aurum (Symbol: Au)
- Gold nuggets are typically found in mountainous areas with quartz veins.
Desirability:
- Gold is a precious metal famed for its use in jewellery and as a form of investment.
- Approximately 10% of global gold production is used in industry, mostly used for connectors in computers.
- Gold is a significant part of national reserves and is often held by central banks.
Characteristics:
- Doesn’t dissolve in strong nitric acid.
- Malleable, ductile, corrosion-resistant.
- Good conductor of electricity.
- Dissolves in aqua regia (a mix of nitric and hydrochloric acids).
- Dissolves in some alkaline solutions and mercury.
- Noble Metal: Among noble metals, gold is less reactive than all except platinum.
Global Production:
- South Africa was the leading producer since the late 19th century.
- Currently, China is the largest producer.Major producers include Australia, Russia, the USA, and Canada.
Indian Context:
- India is one of the largest consumers of gold, primarily for jewellery.
- Karnataka is the largest producer of gold in India.