Gold vs Platinum: Difference and Comparison

Key Takeaways

1. Gold has been a coveted metal for millennia, revered for its beauty, rarity and economic significance.
2. Platinum is another precious metal with a rich history and unique characteristics.
3. Gold has limited industrial applications as its primary use is in jewellery, coins, and a store of value. At the same time, platinum has a wide range of industrial applications as it is used in catalytic converters, electrical contacts, medical devices and more.

What is Gold?

Gold has been a coveted metal for millennia, revered for its beauty, rarity and economic significance. Its history dates back to ancient civilizations, where it was used for jewellery, currency and religious artefacts. Today, gold plays a vital role in the global economy and symbolizes wealth and prosperity.

Gold’s allure stems from its unique properties. It is highly malleable and ductile, making it easy to craft into intricate jewellery and coins. Its distinctive yellow colour is unmatched and doesn’t tarnish, which adds to its enduring appeal. Gold’s rarity is also a significant factor in its value.

One of gold’s primary uses is as a store of value. Central banks and investors hold gold as a hedge against economic uncertainty and inflation.

What is Platinum?

Platinum is another precious metal with a rich history and unique characteristics. Like gold, platinum has been treasured by various cultures throughout history, but its significance and uses differ.

Platinum is known for its remarkable density and durability, making it an ideal choice for various industrial applications. It is used extensively in the automotive industry, primarily in catalytic converters, where it helps reduce harmful emissions from vehicles. Platinum’s ability to withstand high temperatures and resist corrosion is crucial.

The jewellery industry also values platinum for its distinct silvery-white lustre and resistance to tarnish. Platinum jewellery is considered a symbol of luxury and sophistication and is highly regarded for purity.

One of the unique properties of platinum is its role in the medical field. It is used in medical devices such as pacemakers and dental implants.

Difference Between Gold and Platinum

• Gold has a long history dating back to ancient civilizations as it has been used for currency, jewellery, and religious artefacts for thousands of years, while platinum was discovered by Europeans much later, in the 18^th century.
• Gold is relatively soft as it is more susceptible to scratches and wear over time, while platinum is exceptionally durable and resistant to wear and tear.
• Gold jewellery is alloyed with other metals to increase its durability, measured in karats, with 24-karat being pure gold, while platinum jewellery is more refined, at 95% to 99%.
• Gold has been used in jewellery for centuries and symbolizes wealth and luxury. At the same time, platinum is also used in high-end jewellery but is known for its elegant and understated beauty.
• Gold has limited industrial applications as its primary use is in jewellery, coins, and a store of value. At the same time, platinum has a wide range of industrial applications as it is used in catalytic converters, electrical contacts, medical devices and more.

Comparison Between Gold and Platinum

Parameters	Gold	Platinum
Historical significance	Dates back to ancient civilizations	Discovered by Europeans in the 18th century
durability	Relatively soft and susceptible to scratches	Exceptionally durable and resistant to wear and tear
purity	24-karat is the pure gold	More pure, at 95% to 99%
Use in jewellery	For centuries, it has been a symbol of wealth and luxury	High-end jewellery but known for its elegant and understated beauty
Industrial application	Limited industrial application	Wide range of industrial applications as it is used in catalytic converters

References

1. https://www.sciencedirect.com/science/article/pii/S0301010400002949
2. https://www.sciencedirect.com/science/article/pii/0039602878904296