The preciousness of a substance depends on many factors. First of all it is its rarity. Secondly, the cost of an item depends upon its utility. Thirdly, the cost of a substance is related to its beauty. Fourthly, substances which are least affected by natural changes are also expensive. Gold is an element that contains all the four qualities. It is a rare metal found in very small quantities. Its colour and shine are very attractive. It is not affected by heat, cold, wind and humidity. No wonder, it is a costly metal.
Gold is a shining metal of yellow colour and found in nature in very small quantity. It is found in both free and combined states. To extract gold from its ores is a costly process. Once a small rock of seventy and a half kilogram found in Victoria, Australia yielded seventy kilograms of pure gold. But such rocks are rarely available. Gold is taken out of gold mines in extremely small quantity. It is traceable in sea water also, but its extraction is uneconomical.
About ten percent of the total gold production of the world is used in ornaments. It is used in medicines also. Till 1914, currencies of different countries were exchanged in terms of gold only. Even today the entire international trade is conducted with the help of gold. It is used in dentistry also. It is a soft and malleable metal, hence it can be easily converted into thin leaves. Thin layers of gold can be coated on other metals also. Some other metals like copper etc., are mixed in it to make it hard. It is unaffected by acids and alkalies but dissolves in aqua regia.
Gold is a means of accumulating wealth. Since the price of gold is increasing constantly, people purchase it and hoard it instead of currency notes.
Africa, Russia and the United States of Amarica are the biggest producers of gold in the world. The gold mines of India are situated in Karnataka.
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