SUMMARY: 

The history of gold is intimately linked to that of humanity, crossing centuries of civilizations and empires, shaping economies and influencing trade. 

 

1) The first uses of gold in ancient civilizations 

 

Experts believe that the first traces or records of gold date back to more than 5,000 years before our modern era. But initially, before having a monetary and therefore commercial use, gold was first linked to the sacred in many civilizations. 

 

      Gold in Mesopotamia, cradle of the first civilizations 

In this region of the world between the Tigris and the Euphrates, great civilizations have been established such as the Sumerians, the Assyrians, but also the Babylonians. Among the many knowledge and practices developed by these civilizations, gold was used to make royal ornaments, jewelry and religious offerings. 

Already at the time, the physical properties of gold were recognized as an undeniable asset to shape crowns, sceptres, statues, jewelry thanks to the malleability and inalterability of this golden metal. 

 

      Gold in Egypt: metal of the gods and pharaohs 

Egypt is a civilization that has left a legacy still present today with the pyramids of Giza, the sphinx or the various palaces and tombs of pharaohs. It is also a civilization that used gold for ornaments, religious objects, jewelry or amulets. For example, the tomb of Pharaoh Tutankhamun (1345-1327 BC) discovered in 1925 by archaeologist Howard Carter revealed to the world a funerary mask made up of two plates accumulating 10.32 kilos of solid gold. 

The use of gold was already at that time an attribute of divine power and power. It was a symbol of immortality and allowed a connection with the divine. In this context, it was therefore not uncommon for sarcophagi or temples dedicated to the gods to be decorated with this precious metal. 

 

      The use of gold in ancient Greece 

Again, gold was closely associated with the gods and power since the temples were adorned with gold, and divine statues, such as that of Athena Parthenus made by Phidias, combined gold and ivory to emphasize their sacredness. Gold also accompanied the rich deceased in their tombs. 

In addition, the gold metal was used as a wealth reserve by the various city-states. For example, some shrines in the city of Athens held gold stocks. The use of gold as a currency and for trade was however limited. Silver was preferred with the currency called the drachma. 

 

      Gold during the Roman Empire 

Just like the Greeks, the Romans made little use of gold for everyday trade. Silver and bronze were preferred to gold. Appeared with the Republic, the aureus (Roman currency in gold) will see its use become common under Julius Caesar. Its use will also continue under the Empire. 

Finally, it was after the crisis of the third century which led to a collapse of the Roman monetary system that the aureus will be replaced by the golden solidus. 

In this Roman civilization, gold will acquire over time a real structuring monetary value that will also establish imperial authority and ensure prosperity.

Legend: Roman coins

 

2) Gold in the Middle Ages: symbolism and economy 

 

At the fall of the Roman Empire, a certain rarity of gold was born between the 5th and the 20th century, in particular because trade routes and exchanges were no longer as efficient as during the Roman era. 

The monetary system is also affected, as the currencies struck at that time gradually lose their gold content and remain poorly diffused across the continent. The monetary system will even gradually turn to a metal considered more accessible for the people: money. 

Nevertheless, gold will always keep a symbolic part, a metal reserved for an elite of society: kings, nobles and the religious sphere. 

 

- Sign of political power through royalty with various attributes of this power. 

  • Coins minted with the effigy of the king or emperor. 
  • Royal symbols such as crowns, scepters, seals and other ornaments. 

Finally, during the Middle Ages, although the circulation of gold remained geographically uneven, the golden metal was nevertheless a powerful economic lever. It was particularly useful for trade with other civilizations, notably Muslims, Byzantines and Africans. 

 

  • As early as the 8th century, we find evidence of the circulation of the gold dinar in the Islamic world and, by extension, in the Mediterranean basin. 
  • The Byzantine Empire used various gold coins, such as the solidus (which circulated for over 700 years) and later the nomisma, to facilitate and secure transactions between peoples. 
  • The Mali Empire and the Songhaï were famous for their immense wealth in gold.  

 

Later, from the 12th century onwards, economic and commercial exchanges were consolidated across Europe. Gold benefited from the development of fairs and ports throughout Europe. In particular, the Mediterranean ports of Genoa and Venice became gold-trading hubs. The Venetian ducat and the Florentine florin were used as reference currencies. 

Towards the end of the Middle Ages, gold also contributed to the development of a capitalist system, with the first banks appearing across Europe, and the emergence of finance and credit, notably to guarantee bills of exchange or finance wars and commercial expeditions. 

3) Changes in the value of gold over the centuries 

 

The use of gold has changed dramatically over the last few centuries. Its extraction and exploitation on a massive scale have contributed to the changing role of gold over the course of history and the discovery of new sources. 

 

      The great discoveries in South America 

From the 16th century onwards, European monarchies began to explore the seas and oceans. Spain, for example, took advantage of its discoveries in South America to amass huge quantities of gold. The arrival of gold on the Old Continent was so massive that it caused massive inflation throughout Europe. 

During this period, gold was particularly prized by the great European powers, as this precious metal enabled them to finance their wars and the opulence of their palaces. 

 

      The gold rush 

From the 18th and 19th centuries onwards, a wave of emigration began in Europe. Many moved to North America, Australia and South Africa. These regions of the world proved to be particularly rich in gold, attracting thousands of prospectors in search of their fortune. 

 

      The birth of an international monetary system 

The 19th century saw the emergence of a global monetary system based on the gold standard. The idea behind this concept was that each national currency would be convertible into gold at a fixed rate, and states would hold reserves to guarantee this convertibility. This mechanism ensured the stability of international trade and investment.  

But after the Great Depression and the Second World War, a new international system was put in place under the Bretton Woods Agreement. The dollar became the only currency convertible into gold (at $35 an ounce) and other currencies were pegged to the US dollar. 

Finally, in 1971, US President Richard Nixon officially ended the dollar's convertibility to gold, marking the end of the Bretton Woods system and the start of the era of fiat currencies. 

4) Gold in modern cultures 

 

The role of gold has evolved over the last few decades. While it is still a reference in the international monetary system, it is also used in other areas of modern society, such as industry and technology. 

 

      A key medium in global finance 

The primary use of this golden metal remains linked above all to the intrinsic value of this asset. More than ever, gold is a safe haven in times of financial, monetary or economic crisis or geopolitical conflict.  

Investors hedge their investments or redirect them into paper gold (ETFs, certificates, etc.) or, more commonly, physical gold. In the latter case, you can generally buy ingots, bullion or collector or bullion coins. 

Gold is still a key asset in world finance, since it is held in very large quantities as a strategic reserve by the major central banks. For example, the United States held 8133 tonnes of gold in 2024, while France had 2437 tonnes. 

 

      A key material for science and technology 

Less common and less well known, gold is now a precious metal that is used in high technology and industry. It is used in printed circuits and connectors, because gold resists oxidation and corrosion and is an excellent conductor. 

Its excellent electrical insulation also makes it an excellent component for space applications. It is a durable material that can withstand extreme temperatures, making it ideal for protecting satellites. In another application, NASA uses gold to manufacture its spacesuits. Astronauts' visors are coated with a thin layer of gold to reflect infrared light while allowing light to pass through. 

 

      Other applications for gold... 

- The main use of gold remains in jewellery and goldsmithing. This still accounts for almost 50% of global demand. 

- Currency and investment: Gold is mainly held in physical form (ingots, coins) or in intangible form, in ETFs (exchange-traded funds) or gold certificates, for example. 

- Medical and medicinal use: Although it remains highly targeted and limited, some medical treatments can use gold. In this case, we talk about chrysotherapy, i.e. the use of metallic gold or its organic or inorganic compounds for therapeutic purposes. 

- Even more marginally, gold can also be consumed. It can be found in luxury gastronomy in the form of edible gold leaf or flakes.