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IMPACT OF GOLD MARKET ON ECONOMY
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NTRODUCTION
old
is a rare metallic element with amelting point of 1064 degrees centigradeand a boiling point of 2808 degreescentigrade. Its chemical symbol,Au, is short forthe Latin word for gold, 'Aurum',which literally
means'Glowing Dawn'.It has several properties
that have made it very useful to mankind overthe years, notably its excellent conductiveproperties and its inability to react with wateror oxygen.The word gold appears to be derived fromthe Indo-European root 'yellow', reflectingone of the most obvious properties of gold.This is reflected in the similarities of the wordgold in various languages: Gold (English), Gold(German), Guld (Danish), Gulden (Dutch), Goud(Afrikaans), Gull (Norwegian) and Kulta(Finnish).
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IMPACT OF GOLD MARKET ON ECONOMY
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Carat (Karat in USA & Germany) wasoriginally a unit of mass (weight) basedon the Carob seed or bean used byancient merchants in the Middle East. TheCarob seed is from the Carob or locust beantree. The carat is still used as such for theweight of gem stones(1 carat is about 200 mg).
For gold, it has come to be used formeasuring the purity of gold where pure gold isdefined as 24 carats. How and when this changeoccurred is not clear. It does involve theRomans who also used the name Siliqua Graeca(Keration in Greek, Qirat in Arabic, nowCarat in modern times) for the bean of theCarob tree. The Romans also used the nameSiliqua for a small silver coin, which wasone-twenty-fourth of the golden solidus of Constantine. This latter had a mass of about4.54 grams, so the Siliqua was approximatelyequivalent in value to the mass of 1 Keration orSiliqua Graeca of gold, i.e the value of 1/24th of a Solidus is about 1 keratian of gold,i.e,1carat of gold.
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IMPACT OF GOLD MARKET ON ECONOMY
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ORLD GOLD MARKETS
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ondon as the great clearing house
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ew
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ork as the home of futures trading
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urich as a physical turntab
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stanbul,
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ubai,
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ingapore and
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ong
K
ong as doorways to important consumingregions.
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okyo where TOCOM sets the mood of Japan
M
umbai under India's liberalized goldregime
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