Gold is known to have many industrial uses besides its investment value as a hedge against inflation. Data provided by the World Gold Council indicates that the industrial applications of gold accounted for about 12 per cent of the world market demand for gold which translates to an average of about 434tonnes of gold per year from 2005 and 2009. Gold is known to be useful in the production of electronics and it is commonly applicable in medicine, dentistry, and nanotechnology.
Uses of gold in electronics: Electronics is the area of technology where demand for gold for industrial applications is the greatest. Gold has been found to be very useful in the production of appliances used mainly in telecommunications. A good example is the mobile phone where each cell phone could make use of almost 50miligram quantity of the yellow metal as gold plated contacts and for the electrical connections of the chips used for controlling the mobile phone. The record provided by the World Gold Council shows that gold demand for electronic applications in 2010 alone amounted to 328 tonnes. There is therefore a long term ready market for gold on an annual basis once cost reduction of electronics products is achieved and the market demand for consumer electronics increases.
Gold and its uses in dentistry and medicine: Gold has been found to be compatible with the human body therefore leading to many applications as a material for medical uses though this area is still within the emerging areas of application of the precious metal but nonetheless it is a potential area for the market demand of gold. Gold has been playing an important role in dentistry though presently declining as the statistics shows a decline from 67 tonnes of gold used in dentistry in 2005 to 54 tonnes in 2009 according to the World Gold Council where the use of cheaper base metal and new ceramics are vast overtaking the demand for gold in dentistry application.
Uses of gold as an active catalyst: Gold has been found to be a good catalyst that can be used for many important reactions on commercial basis. A catalyst improves the rate at which a chemical reaction takes place without it being used up in the process. The industrial process of producing some chemicals and foodstuffs requires the use of catalysts. Likewise, catalysts are used in the process of reducing emissions in automobiles and in industrial processes and hence make the environment safer for sustainable and healthy living.
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