What is Gold Used For? The Importance of Gold Explained

What is Gold used for?

Gold - (n) a chemical element with symbol Au and atomic number 79. In its .999 fine form it is a solid slightly reddish yellow, heavy, dense, soft, malleable, ductile, and reflective. A highly valued precious metal that has been used for coinage, jewelry, works of art, and in architecture.

We humans have mined over 190,000 tonnes of physical gold or just over 6.1 billion troy ounces. The high ninety percentile of all the gold we have ever mined is still with us today. On a molecular level gold is virtually indestructible, and too costly to lose or waste in large amounts.

The following video gives you a brief insight into the largest modern day gold uses of man, as well as physical gold’s origin and how it is being used.

What uses Gold?

The vast drivers for gold use all stem from human beings either wanting gold for adornment, long term savings, or for industrial uses (e.g. technological, medicinal, and scientific applications).

What are Gold's uses today?

About 50% of new line gold supplies get used in gold jewelry and adornment.

The largest demand driving nations for gold jewelry remain India and Chinese, whose rising middle classes actively buy and save high grade 22k and 24k gold jewelry through generations.

Around 40% of new line gold supplies get absorbed by investors for safe haven savings.

Among individual investors, large financial institutions, and government central bank hoards; mostly all physical investment grade gold bullion is bought and held for the long term.

Nearly 10% of new line gold gets used in technological, medicinal, electronic, and scientific applications.

Learn more about gold uses, its price, and potential future:

  • Further gold uses and details

  • Where gold is mined in the world?

  • By whom and where is gold demanded most?

  • How is gold’s price derived and discovered today?

Gold Fundamentals Full Report