The Geological Survey of India (GSI) recently brought certain matters to light regarding the gold deposit claims made by the Uttar Pradesh government’s Department of Geology and Mining. The officials had proclaimed the discovery of about 3,000 tonnes of gold deposits in Sonbhadra district of Uttar Pradesh. However, GSI refuted these claims, suggesting that the realistic estimation stands at only 160 kg. This article will dissect this issue and delve into various aspects of gold in terms of its scientific characteristics, monetary value, facts, and its intriguing relationship with Sonbhadra district.
Gold: A Scientific Overview
Gold, denoted by Au (Latin: Aurum), holds the atomic number 79 in the chemical elements’ periodic table. This metal boasts an array of distinctive properties including excellent electrical conductivity, resistance to corrosion, exceptional malleability and ductility, catalytic properties, biocompatibility, and nanogold existence.
Gold’s Role as a Currency
Gold’s exceptional qualities make it a widely accepted material in exchange for goods and services. In the 19th century, as paper-currency systems gained traction, gold served as their backing. It remained a component of the global currency system until the 1970s. Despite no longer having an official role, gold is still held in high regard as a reserve asset. Governments and central banks hold nearly 45% of the world’s gold. Gold still holds its place as a medium of international payment, being included in India’s Forex Reserve alongside Foreign Currency Assets and Special Drawing Rights.
The “Why” Behind Gold’s Popularity
The world has five precious metals to potentially work with: platinum, palladium, rhodium, silver, and gold. Although silver has been used as money, it tarnishes over time. Rhodium and palladium have limited historical uses due to their recent discovery, while platinum’s extraordinarily high melting point makes it difficult to work with. Leaving gold as the best option due to its lower melting point and malleability.
Facts about Gold
As per the World Gold Council, India is home to more than 600 tonnes of gold reserves, ranking tenth worldwide. The U.S leads with 8,133.5 tonnes, followed by Germany with 3,366.8 tonnes and the International Monetary Fund holding 2,451.8 tonnes. Gold’s weight is measured in troy ounces whereas its purity is defined in ‘carats’ with 24 carat being pure gold.
Spotlight on Sonbhadra
Sonbhadra, the second largest district in Uttar Pradesh by area, is unique for sharing borders with four states: Madhya Pradesh, Chhattisgarh, Jharkhand, and Bihar. This district is an industrial zone abundant in minerals like bauxite, limestone, coal, and gold, and is drained by various tributaries of the Ganges. Sonbhadra also hosts the Govind Ballabh Pant Sagar (Rihand Dam) and Kaimoor Wildlife Sanctuary. The district is famous for its Cave painting sites which are approximately 4000 years old.
