Monday, June 1, 2009

History


Gold has been known and highly valued since prehistoric times. It may have been the first metal used by humans and was valued for ornamentation and rituals. Egyptian hieroglyphs from as early as 2600 BC describe gold, which king Tushratta of the Mitanni claimed was "more plentiful than dirt" in Egypt.[14] Egypt and especially Nubia had the resources to make them major gold-producing areas for much of history. The earliest known map is known as the Turin Papyrus and shows the plan of a gold mine in Nubia together with indications of the local geology. The primitive working methods are described by Strabo and included fire-setting. Large mines also occurred across the Red Sea in what is now Saudi Arabia.

The symbol for the Sun has been used since ancient times to represent gold

Funerary mask of Tutankhamun

Gold mask of Sanxingdui, 12th to 11th century BC

Moche gold necklace depicting feline heads. Larco Museum Collection. Lima-Peru
The legend of the golden fleece may refer to the use of fleeces to trap gold dust from placer deposits in the ancient world. Gold is mentioned frequently in the Old Testament, starting with Genesis 2:11 (at Havilah) and is included with the gifts of the magi in the first chapters of Matthew New Testament. The Book of Revelation 21:21 describes the city of New Jerusalem as having streets "made of pure gold, clear as crystal". The south-east corner of the Black Sea was famed for its gold. Exploitation is said to date from the time of Midas, and this gold was important in the establishment of what is probably the world's earliest coinage in Lydia between 643 and 630 BC.
From 6th or 5th century BC, Chu (state) circulated Ying Yuan, one kind of square gold coin.

Applications



As the metal
Special issue Canadian Gold Maple Leaf coin with the highest purity of any gold coin at a guaranteed 99.999%
Medium of monetary exchange
Main article: Gold standard
In various countries, gold was used as a standard for monetary exchange, but this practice has been abandoned with the rise of fiat currency. The last country to back their money with gold was Switzerland, which backed 40% of its value until it joined the International Monetary Fund in 1999.[5] Pure gold is too soft for ordinary use and is typically hardened by alloying with copper or other base metals. The gold content of gold alloys is measured in carats (k), pure gold being designated as 24k.

The 220 kg gold brick displayed in Chinkuashi Gold Museum, Taiwan, Republic of China
Gold coins intended for circulation from 1526 into the 1930s were typically a standard 22k alloy called crown gold, for hardness. Modern collector/investment bullion coins (which do not require good mechanical wear properties) are typically 24k, although the American Gold Eagle, the British gold sovereign and the South African Krugerrand continue to be made at 22k, on historical tradition. The special issue Canadian Gold Maple Leaf coin contains the highest purity gold of any bullion coin, at 99.999% (.99999 fine). The popular issue Canadian Gold Maple Leaf coin has a purity of 99.99%. Several other 99.99% pure gold coins are currently available, including Australia's Gold Kangaroos (first appearing in 1986 as the Australian Gold Nugget, with the kangaroo theme appearing in 1989), the several coins of the Australian Lunar Calendar series, and the Austrian Philharmonic. In 2006, the U.S. Mint began production of the American Buffalo gold bullion coin also at 99.99% purity.
Gold was used as a medium of monetary exchange throughout history together with or instead of other minerals, like silver, salt, and copper. At the beginning of World War I the warring nations went onto a fractional gold standard, inflating their currencies to finance the war effort. After World War II gold was replaced by a system of convertible currency following the Bretton Woods system. Many holders of gold in storage (as bullion coin or bullion) hold it as a hedge against inflation or other economic disruptions. The ISO currency code of gold bullion is XAU.
Jewelry
Because of the softness of pure (24k) gold, it is usually alloyed with base metals for use in jewelry, altering its hardness and ductility, melting point, color and other properties. Alloys with lower caratage, typically 22k, 18k, 14k or 10k, contain higher percentages of copper, or other base metals or silver or palladium in the alloy. Copper is the most commonly used base metal, yielding a redder color. Eighteen carat gold containing 25% copper is found in antique and Russian jewellery and has a distinct, though not dominant, copper cast, creating rose gold. Fourteen carat gold-copper alloy is nearly identical in color to certain bronze alloys, and both may be used to produce police, as well as other, badges. Blue gold can be made by alloying with iron and purple gold can be made by alloying with aluminium, although rarely done except in specialized jewelry. Blue gold is more brittle and therefore more difficult to work with when making jewelry. Fourteen and eighteen carat gold alloys with silver alone appear greenish-yellow and are referred to as green gold. White gold alloys can be made with palladium or nickel. White 18 carat gold containing 17.3% nickel, 5.5% zinc and 2.2% copper is silver in appearance. Nickel is toxic, however, and its release from nickel white gold is controlled by legislation in Europe. Alternative white gold alloys are available based on palladium, silver and other white metals (World Gold Council), but the palladium alloys are more expensive than those using nickel. High-carat white gold alloys are far more resistant to corrosion than are either pure silver or sterling silver. The Japanese craft of Mokume-gane exploits the color contrasts between laminated colored gold alloys to produce decorative wood-grain effects.

Color of gold




The color of pure gold is metallic yellow. Gold, caesium and copper are the only metallic elements with a natural color other than gray or white. The usual gray color of metals depends on their "electron sea" that is capable of absorbing and re-emitting photons over a wide range of frequencies. Gold reacts differently, depending on subtle relativistic effects that affect the orbitals around gold atoms.[2][3]
Common colored gold alloys such as rose gold can be created by the addition of various amounts of copper and silver, as indicated in the diagram below. Alloys containing palladium or nickel are also important in commercial jewelry as these produce white gold alloys. Less commonly, addition of manganese, aluminium, iron, indium and other elements can produce more unusual colors of gold for various applications.[4]

Gold (pronounced /ˈɡoʊld/) is a chemical element with the symbol Au (Latin: aurum) and an atomic number of 79. It is a highly sought-after precious metal in jewelry, in sculpture, and for ornamentation since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Gold is dense, soft, shiny and the most malleable and ductile pure metal known. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without rusting in air or water. It is one of the coinage metals and formed the basis for the gold standard used before the collapse of the Bretton Woods system in 1971.
At the end of 2006, it was estimated that all the gold ever mined totaled 158,000 tonnes.[1] This can be represented by a cube with an edge length of just 20.2 meters. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion. Chemically, gold is a transition metal and can form trivalent and univalent cations upon solvation. At STP it is attacked by aqua regia (a mixture of acids), forming chloroauric acid and by alkaline solutions of cyanide but not by single acids such as hydrochloric, nitric or sulfuric acids. Gold dissolves in mercury, forming amalgam alloys, but does not react with it. Since gold is insoluble in nitric acid which will dissolve silver and base metals, this is exploited as the basis of the gold refining technique known as "inquartation and parting". Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term "acid test", referring to a gold standard test for genuine value.

Current Singapore UOB Gold Price


Are these prices too high? Or are they fair? Just wondering.. (left # is selling price, right is buying. SGD first then USD second)Singapore doesn't offer a lot of places selling bars/bullion other than UOB.. but have a lot of gold jewelers that sell gold necklaces etc.. what is the best choice?

Rates as at 25 October 2008 03:00:17 PM

Description Unit Bank Sells* Bank BuysSingapore Physical Gold Prices

• Kilobar S$/kg 37680.05 35095.00

• Tentola Bar S$/bar N.A.

• Gold Bullion Coins

1/20 OZ (GNC,SLC &GML) S$/coin N.A.

1/10 OZ S$/coin 141.24 110.00

1/4 OZ S$/coin 331.70 275.

001/2 OZ S$/coin 633.44 548.00

1 OZ S$/coin 1221.94 1094.00

• PAMP GOLD(Rose/Goddess of Fortune) -With Hook

1 GM S$/piece 87.74 39.005

GM S$/piece 249.31 181.0010

GM S$/piece 440.84 357.00

-Without Hook

1 GM S$/piece 84.53 35.00

5 GM S$/piece 239.68 176.00

10 GM S$/piece 428.00 351.00

100 GM S$/piece 3849.86 3511.00

Converted to USD

Rates as at 25 October 2008 03:00:17 PM

Description Unit Bank Sells* Bank Buys

Singapore Physical Gold Prices

• Kilobar USD$/kg 24,990.42 23,267.05

• Tentola Bar S$/bar N.A.

• Gold Bullion Coins

1/20 OZ (GNC,SLC &GML) S$/coin N.A.

1/10 OZ USD$/coin 93.6384 72.9271

1/4 OZ USD$/coin 219.908 182.304

1/2 OZ USD$/coin 419.922 363.282

1 OZ USD$/coin 810.052 725.227

• PAMP GOLD(Rose/Goddess of Fortune)

-With Hook

1 GM USD$/piece 58.1640 25.8536

5 GM USD$/piece 165.271 119.987

10 GM USD$/piece 292.238 236.659

-Without Hook

1 GM USD$/piece 56.0358 23.2019

5 GM USD$/piece 158.886 116.672

10 GM USD$/piece 283.726 232.681

100 GM USD$/piece 2,552.11 2,327.48

Indian brides replace traditional gold jewellery as prices rise


Ashima Lahiri will say her wedding vows in December wearing fake earrings, necklaces and bangles that cost a tenth of the price of gold, breaking a millennia-old Indian tradition that brides wear the precious metal "Gold is too hot now," says the 25-year-old fashion designer from Kolkata, eastern India, who'll spend $305 on her bridal set instead of $3263 for a real one."You can't touch it." Lahiri's not alone. Indian families, the world's biggest buyers of gold, are cancelling purchases before the peak wedding season because prices have touched a record high in India, putting traditional bridal sets out of reach.That's spurred sales of gold-plated, silver and brass gem-encrusted jewellery, designed to match the bride's wedding saris.

current gold price

GOLDPRICE.ORG provides you with fast loading charts of the current gold price per ounce, gram and kilogram in 27 major currencies. We provide you with timely and accurate silver and gold price commentary, gold price history charts for the past 30 days, 60 days, 1, 5, 10 and 30 years and gold futures quotes and charts. You can also find out where to buy gold coins from gold dealers at the best gold prices or compare eBay gold prices and eBay silver prices.

Currency Code Price/gram
Argentine Peso ARS 99.8961
Australian Dollar AUD 39.0384
Brazilian Real BRL 62.2439
Canadian Dollar CAD 34.2641
Swiss Franc CHF 33.7185
Yuan Renminbi CNY 216.2534
Colombian Peso COP 69218.3088
Euro EUR 22.2823
Pound Sterling GBP 19.3352
Hong Kong Dollar HKD 245.5847
Indonesian Rupiah IDR 326034.5881
Indian Rupee INR 1489.5601
Yen JPY 3000.6918
Kuwaiti Dinar KWD 8.6382
Mexican Peso MXN 413.2573
Malaysian Ringgit MYR 110.8470
New Zealand Dollar NZD 49.5896
Philippine Peso PHP 1504.0829
Russian Rouble RUR 970.9660
Swedish Krona SEK 241.3686
Singapore Dollar SGD 45.8272
Turkish Lira TRL 42572456.0798
United States Dollar USD 31.7231
Vanuatu Vatu VUV 3492.7178
Rand ZAR 251.5645

Indian Gold Jewelry



Gold jewelry is woven into the culture, traditions and religions of India. India is the largest gold jewelry consuming country in the world, followed by China and the Middle East.Gold Jewelry consumption in India and China is set to have an impact on the gold price. This will, in turn, cause the price of gold jewelry to rise."Analysts believe the climb in the global gold price will be driven by strong jewellery sales from the burgeoning middle class in China and India", according to The Star Newspaper in Malaysia.India has a demand of 800 tonnes of gold per annum for creation of gold jewelry. Of this 800 tonnes, two-thirds is imported .Speaking to DNA Money, Varij Sethi, managing director, SB&T said, "Jewellery is one of the fastest growing and most profitable segments in the Indian retail space today."As the middle class in India continues to grow, the demand for gold jewelry will also continue to grow. The Mumbai Mirror reported "Demand for gold jewellery, mainly from retail investors, was up 47 per cent in the second quarter of 2005 against the corresponding period of the previous year."Peak Gold Jewelry SalesAlmost 60-70 per cent of gold jewelry is being sold during the wedding and festival season.Tamil Nadu, Andhra Pradesh, Kerala and Karnataka account for 40 per cent of the 800 tonnes of gold consumption, according to Business-Standard.comThe biggest time of the year for gold jewelry sales in India starts in October during the festival season and climaxes in November during Diwali and the Wedding Season.Diwali (Lighting of the Lamps) is the largest and most important festival in India,enjoyed by people of every religion, it can be compared to Christmas in popularity. Indian women buy gold jewelry to wear during this important festival.The Wedding Season in India is the main time for gold jewelry buying as it forms an important part of Hindu marriages. Daughters are gifted gold from their parents as a security for their financial future. Throughout India and into Kashmir, gold has traditionally accompanied women into their marriage, securing their financial independence within the husband's family.The Indian tradition of seeing gold jewelry as an investment in the wealth and future fortunes of their marrying daughters is one of the reasons why gold jewelry in India is usually 22 karat gold. The style of gold jewelry in India, its intricacy of design with the popular filigree technique of cutting detailed designs into the gold is another reason why 22 karat gold is used in gold jewelry design in India, as this technique requires the gold alloy to be soft enough to cut and carve.Recycled GoldThe increase in the Gold Price at the end of 2005 and continuing into 2006 is already having an effect on the festival and wedding season in India. Many people are choosing to recycle their gold jewelry into new designs for the the festival season, rather than buy new gold jewelry. According to the World Gold Council, "Recycled gold now accounts for 30 per cent of gold consumption in India".The rise in recycled gold could be partially due to couples buying gold coins as a wedding investment and then melting them down into jewellery for the wedding celebrations, GR Ananthapadmanabhan, managing director of GR Thanga Maligai told The Economic Times. He also believes the majority of Indians are reluctant to sell their gold: "Gold is not like an equity share. People tend to consult their family members before selling gold."Gold Jewelry

LoansMany banks in India have loans for purchasing gold jewelry. These loans are generally targeted at the working woman between 18 and 55 years of age. That banks are willing to loan on gold jewelry is a reflection of the importance of gold jewelry in an Indian woman's economy and traditions.The rise of India's wealth and the increase in numbers of Indians becoming middle class will hold well for the increase of gold jewelry demand in India which will, as India is the largest market for gold jewelry, have a large effect on the demand for gold jewelry worldwide.

Gold rates in Pakistan

Bullion rates in Rupees per 10 grams / Per Tola
on May 29, 2009

Per 10 Grams Per Tola
KARACHI
Gold Tezabi (24-ct) Rs 24,857 Rs 28993.20
Silver Tezabi (24-ct) Rs 342.85 Rs 399.90

NOTE: Rates from Hyderabad, Lahore and Multan were not received. —APP

Gold price in delhi

GoldpricesIndia provides you with the latest gold price India in Rupees and foreign currencies. through our website you can check gold prices India per Ounce, Kilo, and Gram in Rupee. Browse to check detailed reports about gold price in India in different carat weights 24k, 22k, 18k, 14k, and 10k. GoldpriceIndiaupdates the gold prices India every 30 minutes.

Dubai Gold


The excellent quality of Dubai Gold accounts for its extensive international accreditations and popularity. Dubai, commonly known as the “City of Gold” for its gold mines, is becoming one of the fastest developing gold centers of the world.
The commercial activities in Dubai depend largely on the average 300 tons of gold imported annually from all the principal manufacturing countries of the world. The jewelries erected from this high-quality Dubai Gold impress females across the world with their trendy designs and glow rarely found in the gold ornaments at any other part of the world.
Dubai Gold- related industries have successfully flourished in the country, owing to the lowest gold cost as well as the free-trading ambience that facilitate the country to become a renowned name in the international gold trading market. Since the 19 th century, Dubai had been a famous gold trading port with Gold Souk as one of the world's largest retail gold markets. Gold Souk initially started its commercial activities in the 1900s with a handful of retailers and gradually grew in leaps and bounds during 1940s and 50s. At present, it has as many as 400 wholesalers and 275 retailers within some half a square kilometer area. In fact, Gold Souk is being constantly modernized with the shops remodeling themselves to meet the international standards and customer satisfaction.
Here are some incredible facts about Dubai Gold :
The per capita purchase of 34 grams, that is, over an ounce (31.1g) of gold is so far known to be the highest in the world
76% of the countrymen own Dubai Gold
90% of the available jewelry in the market is made of plain Dubai Gold
95% of all jewelry sold in Dubai is above 21 karat, while the rest belong to18 karat
More than two third of the Dubai population buy gold at least once a year
48% of Dubai Gold is meant for gifting
28% of Dubai Gold is exclusively for individual purchase
About 95% of the international tourists visiting the country buy Dubai Gold
Each person buys a minimum of five pieces of Dubai Gold jewelry every year
These are names of some of the internationally famous Dubai Gold shops:
Cartier
Damas
Gold and Diamond Park
Graff
Al-Futtaim Watches and Jewellery
Alfardan Group
J.H. Jewellers
Oska Jewellery
Paris Gallery
Pure Gold Jewellers LLC
Taiba Gold and Jewels Co. Ltd.
Visual Ace-Gold
Zainal Jewelers
Tiffany and Co.
Atlas Jewellery
Damas Jewellery LLC
Joy Alukkas Jewellery
Kaloti Jewellery
Pacific Group
Maisory Goldsmith LLC
The rates of Dubai Gold are fixed twice every day by Dubai Gold and Jewelry Group on the basis of the international gold rates. In recent times, the innumerable new gold shopping centers coming up further the gold business in the country, depositing huge amounts in the national exchequer.

Gold Rate in dubai




GOLD RATE (AED)
June 01, 2009
TYPE Morning Evening Yesterday
TT Bar 13630 13565
24 Carat 118.25 117.75
22 Carat 110.50 110.00

Source: Dubai Gold & Jewellery Group

Price of 10g gold hits record Rs21,200



Price of 10g gold hits record Rs21,200
Updated at: 1903 PST, Tuesday, July 08, 2008

KARACHI: The price of 10 grams of gold surged to a record level at Rs21,200 on Tuesday across the country.The price of gold jumped by Rs643 to Rs21214 today across the country.President All Sindh Saraf and Jewelers Association, Haji Haroon Rasheed Chand told Geo News that rising value of dollar against rupee and price of gold in the international market drove gold rates to a record level in the country.

Real gold price


Gold Rates for 10 Gram in Multan City