Gold is a metal substance that is desirable, valuable, or very rare. It is orange-yellow in color, shiny, and extremely malleable. One of its most likable properties is that it’s a very good conductor of electricity and heat. It’s a precious metal and is widely used in jewelry. It is accepted all over the world. Its appeal is almost universal across cultures and times, and from the very earliest time, It has played a leading role in human history.
History of Gold
We all know gold is very precious, and its rate changes constantly. You can see the gold rate today here. It is mostly used in monetary reserves. Half of its consumption in the world is in jewelry and other investments, but do you know about its history, from where it originated? Who discovered the gold? When was gold discovered? How was it found? If not, then you will get answers to all these questions.
Here is a brief detail about who, when, where, and how it was discovered. I have done a lot of research and then presented this blog to you.
When and where gold was discovered- Who discovered Gold?
An American carpenter James W. Marshall On January 24, 1848, discovered gold in Coloma, California. He found it unexpectedly when constructing a Sawmill on a partnership basis with Captain John Shutter on the American River. During construction, he saw some little pieces of metal in the water. At first, he was unaware of it, but later on, when Marshall’s crewmembers performed different tests on it like, boiling it using some chemicals like lye soap or trying to shape it using the hammer, they confirmed gold.
His words at that moment were the following:
“I went down as usual, and after shutting off the water from the race, I stepped into it, near the lower end, and there, upon the rock, about six inches beneath the surface of the water, I discovered the gold. I then collected four or five pieces and went up to Mr. Scott (who was working at the carpenter’s bench making the mill wheel) and the pieces in my hand and said, ‘I have found it.’
‘What is it?’ inquired Scott.
‘Gold,’ I answered.
‘Oh! No,’ returned Scott, ‘that can’t be!’
I replied positively, ‘I know it to be nothing else.'”
So from then, gold was the first metal discovered by humans in history.
Check: Gold vs. Cryptocurrency
According to an international geologist team led by the University of Arizona, in the United States, about 40% of the world’s gold is 3 billion years old.
How old is Gold?
It is widely used over the world not only because it’s a precious metal but also extremely malleable in nature. It can be easily shaped into the desired form, even with a hammer or other simple tools. Gold is not only the safest asset for investment but also serves the purpose of a Monetary Asset for countries.
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FAQ’s
When and how did gold become valuable?
It was not very expensive at an earlier time as it was used only means of exchange but, later on, as the world’s population increased, its demand became higher and higher. And now it’s also commonly used in jewelry, so it became scared which directly boosts its price.
Another reason is that in the 12th century, people started to hoard it, and its availability in the market was reduced before, which directly hit its price.
Moreover, during the 12th century, the European banks started to manipulate their prices which became the major cause of changing prices. That’s the reason why gold became valuable.
So 12th century was the time when gold first became valuable.
What is the history of gold prices?
In 643 BC, it was first used as money, and the Roman Emperor Augustus set it at 45 coins to the pound. Later on, its price goes on changing with time. Here you can see the 100-year gold prices chart.
Are gold prices change every day?
Yes, they change every day. you can check gold prices every day which include the gold rate in Kuwait, the Gold rate in Dubai, and the Gold rate in Pakistan.
What is the use of Gold?
It is most widely used in making jewelry. People also invest in it by buying it at a low price and then selling it when the price is high. Nowadays, various digital modes are available to invest in gold
