Gold: Some glittering facts

Do you know which is the first known piece of gold jewellery? Or have you heard of the most famous piece of gold? If not, read below some amazing facts on gold.

Which is the most expensive gold coin in the world

One of the world's rarest and most sought after collector coins, the 1933 Double Eagle, was sold at Sotheby's auction house in New York on Tuesday July 30, 2002 for the record sum of $7.59 million. The coin, featuring a standing Liberty on one side and an eagle on the other, was minted in 1933 at the height of the Depression but never circulated as President Roosevelt abandoned the Gold Standard. All 445,500 coins, each with a face value of $20, were put into storage and ordered to be melted down in 1937, but it was not until the 1940s that it was discovered ten coins had not been returned. Nine were subsequently recovered but one coin got away and ended up in the collection of King Farouk of Egypt. It disappeared again in the mid 1950s and resurfaced in 1996 when a UK coin dealer attempted to sell it to undercover Secret Service agents in New York. After protracted legal wrangling it was agreed that the coin be sold at auction with the proceeds split between the dealer and the US Mint's enterprise fund.

What is the first known piece of gold jewellery

The earliest gold jewellery dates from the Sumer civilisation in between the Tigris and Euphrates rivers in southern Iraq around 3,000 BC. A major archeological find of early jewellery was in the Royal tombs of Ur, in Mesopotamia, dated to around 2,600 BC where gold articles made by lost wax casting included a wild ass on the rein ring of a chariot. Copper and bronze inlaid with gold also date to this period, demonstrating the craft skills in metalworking that existed. A beautifully modelled bull cast in gold dating to 2,300 BC was found in the Caucasus in eastern Europe. In Egypt, gold jewellery and other artefacts have been found in Pharoah's tombs dating to around 1500 BC and later.

Which is the most famous piece of gold

This has to be the face mask of the boy-king of Egypt (1361-1352 BC), Tutankhamun discovered in his tomb in 1922 by Howard Carter. This tomb preserved some of the greatest treasures of the goldsmiths art. This face mask is normally on display in the Cairo museum.

What is World Cup Trophy made of?

The World Cup Trophy is 32cm high and is made of solid 18-carat gold.

Have you heard of gold doors in a bank?

There is a bank in Oman which has gold doors. The gilding of doors goes back to ancient times when fire gilding and later mercury gilding techniques were used on alloys containing gold to produce a gold-rich surface layer. The famous Corinthian Bronze of the Roman Empire is an example of this used in the great gate of Herod's Temple in Jerusalem.

What is recycling of gold

Gold has always been recycled because of its inherent high value, ever since it was first discovered before the Bronze age. Thus your modern jewellery or dental crown may contain some gold that was mined in prehistoric times and formed part of a valued gold artefact or jewellery belonging to royalty or other high placed official in ancient civilisations. Today, at least 15 per cent of annual gold consumption is recycled each year.

Pakistan posts 65% drop in gold imports

Pakistan's Daily Times reports nearly a 65% decline to about 12 tonnes in gold imports into the country for the 10-month period ending this May. The previous reporting period saw the importation of more than 33.2 tonnes into Pakistan.
The newspaper notes that the primary reason for the fall was high gold prices. Gold prices near $700 are likely to be met with resistance on the part of large investors, as they turn increasingly cautious on volatility as well as risk.

Oil retreats as Nigerian general strike ends

Oil prices moved lower on Monday after unions in Nigeria called off a general strike planned for this weekend, reducing the threat of supply disruptions from the world’s eighth largest crude exporter. Nigeria’s government has agreed to freeze fuel prices for a year, the main cause of the dispute.
ICE July Brent fell 98 cents to $70.20 a barrel while Nymex August West Texas Intermediate lost $1.24 at $67.90 a barrel.
Adding to downward pressure was news that Shell plans to restart operations at the Forcadoes oil export terminal in Nigeria next month. Attacks by militants forced its closure more than a year ago.
But fundamental support continues from concerns over US petrol supplies during the peak summer months for demand. US refinery utilisation is running 7.5 per cent below its five-year average and problems are ongoing with several refineries in Texas reporting production losses over the weekend.
Goldman Sachs said it was evident that the problems affecting US refineries were partly due to stresses caused by new more stringent product specifications.

US gold ends down on bearish sentiment; eyes Fed

NEW YORK, June 25 (Reuters) - U.S. gold futures finished lower on Monday on bearish sentiment, but off session lows as crude oil prices recovered and trade was quiet ahead of a slew of economic indicators later this week, traders said.
"As far as the metals are concerned, it's really lackluster," Jonathan Jossen, an independent trader, said from the COMEX floor.
Gold for August delivery on the New York Mercantile Exchange's COMEX division settled down $2.30 at $654.70 an ounce, dealing from $651.60 to $657.70.
Jossen said that investor sentiment was largely bearish and buying interest was lacking because of a host of factors including a higher interest-rate environment, weaker oil prices and sagging stock markets.

DJ PRECIOUS METALS: NY Gold Cuts Loss As Oil Bounces, Yields Dip

Gold futures initially fell on long liquidation as crude oil tumbled Monday,then pared their loss as crude recovered and Treasury yields eased slightly. Signs that South African labor negotiations will continue for at least awhile yet also deflated the metal some, since this delays potential for asupply disruption, analysts said. August gold fell $2.30 to $654.70 an ounce on the Comex division of the NewYork Mercantile Exchange. As pit trade was closing, the August contract at theChicago Board of Trade was down $2.50 to $654.60. Comex July silver fell 14.3 cents to $12.877. As it was closing, CBOT Julysilver was down 16 cents to $12.869. The metals were initially drug down by the weaker crude-oil prices thatoccurred for much of the session, said Jim Steel, analyst with HSBC. At onepoint, August crude oil was as low as $67.55, down $1.59 from Friday's close. Atrader reported light long liquidation in the metals. However, August crude oil recouped its losses by the time gold closed,enabling the metal to pare its loss, Steel said. Gold also was able to stem itsdecline due to a slight downtick in Treasury yields, he added.

UPDATE 6-Gold falls on bearish sentiment; eyes U.S. data

NEW YORK/LONDON, June 25 (Reuters) - Gold prices slipped on Monday on bearish sentiment, but closed off session lows as crude oil prices recovered, and trade was quiet ahead of a slew of economic indicators scheduled this week, dealers said.
"As far as the metals are concerned, it's really lackluster," Jonathan Jossen, an independent trader, said from the COMEX floor in New York.
Spot gold fell as low as $648.70 an ounce and was quoted at $650.60/651.20 by 3:21 p.m. EDT (1921 GMT), against $653.60/655.10 late in New York on Friday.
Gold for August delivery on the New York Mercantile Exchange's COMEX division settled down $2.30 at $654.70 an ounce, dealing from $651.60 to $657.70.