Why is gold valuable since the beginning?
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It’s shiny, doesn’t tarnish and soft. And it’s relatively rare.
In other words it’s really easy to make really pretty things out of it that also last indefinitely with no maintenance. You can only have a small number of those pretty things and they’re really hard to counterfeit.
Price is always driven by supply and demand. High demand (for pretty, lasting thing) plus low supply equals high price.
It was also used for medical applications because it doesn’t tarnish and is mildly antibacterial. In recent times it also found some technical applications, too.
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