The advent of our fascination with gold dates back to the primitive era. Though we do not have any such explicit evidence of the first human who discovered gold, the fact has been unveiled that gold flakes were being present even in the Paleolithic caves, which dates back to a period of 40000 B.C.
Being preserved for its myriad of treasured attributes such as liquidity, beauty, recyclability, malleability, ductility, industrial properties, investment properties, it encounters a huge amount of global demand majorly under four categories naming; investment, jewellery, technology and central bank reserve. So, it certainly seems to be interesting enough to unfold the glorious, gleaming history of Gold, popularly symbolized as the Shining Dawn. Isn't it? Well here's an explicit overview of how Gold successfully achieved the position of being the most alluring and admirable metal of the world since the conventional times.The Nascent Stage of Gold Discovery & Usage
Influence of Gold on Egyptians
The most ancient form of evidence that signifies the interaction of mankind with gold dates back to around 3000 B.C in Egypt. Gold was considered to be a highly valuable metal that played an influential role in Egyptian mythology, thereby being prized by temple priests and pharaohs. The capstones embedded on the Pyramids of Giza were being made of solid gold.
They also introduced the first ever currency exchange ratio, which stated 1:2 as the correct ratio of gold and silver respectively. Noticeably, this is known to be the first ever recorded measurement of silver compared to gold, stating that gold is more valuable than silver.
They also produced ancient gold maps, some of which are being present till date. All these gold maps were produced for indicating the location of all the gold mines and deposits of the Egyptian kingdom.
Though Egyptians were profoundly in love with gold, they never considered it as a bartering tool. Instead of that, most of the Egyptians deployed different types of agricultural products such as barley as a medium of exchange (the De-facto form of money). The Kingdom of Lydia, a primitive civilization, mainly comprising the parts of Western Turkey is known to be the first ever civilization that deployed gold in the form of currency.
Influence of Gold on Greeks
The Greeks of the conventional times symbolized Gikd as more like a token of high esteem and the beacon of glory amongst the eternal gods and demigods. The mortal humans mostly used Gold as the harbinger of wealth and also as a form of currency. However, a contradicting piece of evidence would be the fact that; the tradition of giving gold medals in the Olympics started after the inauguration of modern Olympics and not in the ancient phase, which did not have much influence of the Greek culture.
Influence of Gold on the Middle-East
The ancient civilization is believed to have attained the gold supplies from a huge amount of deposits in the Middle East. Ancient gold mines near the Nubian Desert area and in the Upper Nile region near the Red Sea have supplied a large amount of gold to the Egyptian Pharaohs. When the total amount of these mines failed to meet their long-term demands anymore, other significant deposits, especially in southern Africa and Yemen were being depleted.
The artisans of Palestine and Mesopotamia obtained a substantial amount of supplies from Arabia and Egypt. Contemporary studies on the Mahd Adh Dhahab mine (which, means the 'Cradle of Gold') in Saudi Arabia's present kingdom revealed that gold, silver and copper were being majorly recovered from this specific region at the time of King Solomon's rule (961-922 B.C).
Apart from the aforesaid, the gold in the Inca and Aztec treasuries of Peru and Mexico are being believed to be majorly extracted from Colombia. The Conquistadores literally ransacked the riches and deposits of these civilizations during the phase of their New World exploration and later on, many objects of gold and silver were being melted down into bars and coins while destroying the antique artifacts of Indian culture.
Historical Usage of Gold in India
In the reign of Gupta Dynasty around the period of 250 A.D, gold coins were being introduced for the first time in India because of which, this time period is coined as the Golden Age. Moreover, many of the Indian emperors used to issue gold coins in their reign with the aim of accentuating the distinction of their rule. While observing the Indian history, it can be comprehended that the natives of this nation have witnessed the reign of thousands of rulers and distinguished emperors, among whom many have introduced different types of gold coins, which was used as a form of currency.
In the ancient times, Gold was considered to be a convenient investment option as it could be effortlessly hidden during the phase of conflict, thereby enabling the citizens to protect their treasure from the marauding troops. Moreover, gold coins which, were being issued by a king can be deployed during the reign of another king as a form of currency as long as the purity and weight of those coins can be assessed. Thus, gold was prized as the ideal store of wealth as well as mode of exchange.
Needless to say that; Dowry has been an age-old practice in India and long before the contemporary adverse connotations of it perceived by people nowadays, it was considered as a present to the newly-wed couple given by the bride's family. It was contemplated as a way of compensating the groom for the expenditure which, he need to incur for taking care of his wife and to-be-expanded family. Though a host of commodities were being utilized for paying dowry, however, gold (in the form of jewellery, coins) was always been the most admired asset to be gifted as dowry as it can be easily safeguarded.
A Glimpse on Recent History of Gold
In the year 1792, a historical move was taken by the U.S Congress. They adopted the Bimetallic standard (gold and silver) for the currency of the new nation, with Gold being valued at $19.30/troy ounce, which essentially remained unchanged till 1834. In 1834, the Gold price was being raised to $20.67 and alike the previous time, it remained unchanged for another 100 years. Later on in 1934, President Franklin Delano Roosevelt decided to devalue the Dollar rates by increasing the gold price to $35 per ounce.
The Final Word
Thousands of investors across the globe analyze all the significant metrics for comprehending the demand and price of gold. As per their studies, it can be concluded that Gold, with a rich triumphant history, will always hold a significant demand in the global markets in the near future, and irrespective of any sort of market fluctuations or changes of economic policy, it will serve as the safe haven for investors.