Gold is a chemical element with the symbol Au and atomic number 79. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements that is obtained in solid form (Gold Hard Metal). Gold is available inside the earth. It is found in rocks, veins, rivers and alluvial deposits. This basic element is alloyed with other metals like silver, copper and palladium. Also, mineral inclusions such as pyrite occur within. It occurs as compounds of gold with tellurium in minerals.
Gold is a precious metal that has been used throughout history for coins and jewelry. Earlier the gold standard was often implemented as a form of monetary policy. Then gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was replaced by a fiat currency system after 1971.
As of 2017, the largest gold producer was China. It used to produce 440 tonnes of gold per year (world’s largest gold producer). By 2020, a total of 201,296 tonnes of gold is present above the ground (gold exists on the Ground).
Bharat Gold Mines Limited (BGML) is a public gold producing undertaking of the Government of India. It is also the owner of Kolar Gold Fields.
Gold Price in India was highest at Rs 61,845 on 4th May 2023.