Aluminum rate was once doubled from gold
Before the festive season, the prices of gold and silver are being seen fast once again. On Tuesday, gold reached a new height across the country, while silver prices are also increasing rapidly. But today we will talk about aluminum, not gold and silver. You will be surprised to know that there was a time when aluminum was considered more valuable than gold. Today, while gold prices are making new records daily and gold is at a price of $ 3600 an ounce in the international market, while the price of aluminum has fallen to just $ 0.01 an ounce. This expression is not less than any bhanghar in front of gold.
Gold dominance
In the last few months, there has been a tremendous increase in the demand for gold. Its price in the international market has reached around $ 3600 an ounce. There is a similar situation in India. Gold on MCX (Multi Commodity Exchange) has reached Rs 1,05,358 per 10 grams so far. There are many major global reasons behind this edge, economic uncertainty, declining value of currencies (currency devaluation), and growing geopolitical stress worldwide. Apart from this, central banks of countries like India, China, Türkiye and Poland are also buying a large amount of gold, which has increased its demand even more. Gold is still considered a safe investment for investors, and that is why its prices are constantly going up.
There was a time when aluminum was more expensive than gold
Today aluminum is considered an inexpensive and usually a metal found everywhere. But the situation was different in the middle of the 19th century. According to a news in the Nav Bharat Times, in the year 1852, the price of aluminum was around $ 34 an ounce, while at the same time gold was being sold at a price of just $ 19 an ounce. Aluminum was so expensive at that time because it was a very difficult and expensive task to remove and clean it from the earth. Its processing technology was very complex, due to which it was considered only the things of rich and royal people.
But there was a major change in the year 1886, when Charles Martin Hall of the US and Paul Herolt of France discovered a new technique of mass production (mass production) of aluminum. This discovery not only reduced the production cost of aluminum, but this metal also reached the common people. Since then, the price of aluminum continued to fall continuously and today it has become one of the most common metals used in everyday life.
China, the world’s largest aluminum producing country
Today, China is the largest aluminum producing country in the world. China alone is about 57% stake in global production. After this, countries like India, Russia, Canada and UAE come. China’s heavy production capacity and low cost have played an important role in maintaining aluminum prices in the global market. Interestingly, China is also at the forefront in terms of gold. After that, Russia and Australia number comes. At the same time, India is a big consumer of gold, but is lagging behind in terms of production and mostly imports gold.