For the first time in history, price of gold touched a new high today, with a sovereign of the yellow metal being sold at Rs 25,302 in Chennai. While one gram is being sold at Rs 3,219, customers are shocked. However, increasing their shock, traders have said the rates will increase further.
According to Jayanthilal, who heads gold and diamond merchants association, since the economy of the United States is on a downward trend, big investors have started investing in gold. This has impacted in the global gold market." Stating that this has led to increase in gold prices in India, he said in the coming days, the price will increase more.
Gold, which is a symbol of prestige and wealth, is a soft, dense, yellow metal. It is a chemical element. Its chemical symbol is Au. Its atomic number is 79. As a precious metal, it has been used for many jewels. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions.
Gold often occurs in free elemental (native) form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).