Kochi: The steady rise in the price of gold is driving up the manufacturing cost of many products, from smartphones to healthcare devices that need the precious metal in various quantities to be made.
As a result, the prices of such products are likely to increase in the near future, warn those associated with the ‘tech industry’.
In addition to smartphones, gold is needed for the production of LEDs and 3D sensors. Gold is also used in the production of watches, calculators, computer chips, transistors, printed circuit boards, and hybrid circuits.
The precious metal is present in everything, from telescopes to satellites. Nanoparticles of gold are used in the medical field and in water purification systems. Gold is also needed not only for the preparation of some Ayurvedic medicines but also for isotopes for cancer treatment.
The main reason why gold is used for such products and purposes is that it is an excellent conductor of electricity and heat. Malleability and ductility are the other advantages of gold.
The electronics industry in Japan alone consumes about 150 tonnes of gold every year on an average. Even South Korea and China use large quantities of gold for industrial purposes. The tech sector accounts for about 10% of gold’s global consumption.