Gold is among the most precious and also the oldest precious metals in the world. Gold was the first metal which counted as way of payment and provided the first measure of richness. Gold is close to be as old as the oldest civilisations in the world. 24K gold is the highest carat of gold which is also meaning the absolutely pure gold. 24K gold is sold only very rarely commercially so if you want to buy 24K gold, you must be a member of the Dubai Multi Commodities Centre.
Gold was already used for making jewellery in the Ancient Egypt. Gold was mined in the ancient times in the territory of Mesopotamia as well. Soon after, it started to count as the main measure of richness and commodity. Gold was soon to be used in coins as a way of payment. Gold coins or ducats were at at that time widely stored by the noble houses and royal families. Gold’s role in the creation of today’s way of payment has a key-importance. The first paper money’s and coins made out of non-precious metals meant a guarantee for the same amount of gold by the first banks. Central banks still keep their gold reserves and so do all the noble and royal families in the world, together with all of the states which also have their own gold reserves just in case the value of money would ever cease to exist. Gold is widely used for making jewellery or to create bars of it. Gold is measured in troy ounce. The carat means the exact quality of gold. The 24K gold means the purest gold, which means that each carats below 24K gold are in real alloys. Gold has the rare quality of being absolutely non-corrosive which means a lot for a metal. Gold is a rather heavy metal and pure 24K gold is also quite soft, which means that in its purest state, gold is not quite suitable for making jewellery as it could get easily scratched or deformed. That’s why the purest gold used by jewellers is usually 22K gold with a 91.67% gold content or 21K gold which has 87,5% gold content. Gold is very easily mixed with other metals. For the making of 22 K and 21K alloys jewellers mostly use silver, which doesn’t mean harm in the original yellow colour of gold and also means that the gold’s quality and price will not be much affected. The other combination metal used for making these gold alloys can also be copper. Copper means a much cheaper substitute for gold and silver which also means no harm for the overall colour and quality of gold. Gold alloys made with copper are much cheaper than those made of silver.
24K gold is mostly used for the creation of highly valuable commodity which will be used for the securing of investments. These are the gold bars which are often featured by banks. The standard gold bar is about 400 troy ounces which means a smaller size with a weight of over 15 kg. Also the bullion coins are made out of 24K gold. These are memorabilia made by a state and also sold for the reason of investment or for collectors.
If any investor or jewellery company would like to buy 24K gold in Dubai, they must get in contact with the DMCC (Dubai Multi Commodities Centre) they must then be in the possession of a Global Multi Commodity Receipt which is only given by DMCC for authorised member companies.
