Gold is widely considered a safe-haven asset, as it performs well even during economic instability or high inflation. This non-ferrous metal also acts as an attractive store of value for investors. Human civilisations have valued gold since prehistoric times. Archaeological evidence shows that gold mining dates back to 4000 BCE.
As of 2025, gold prices are at an all-time high, hovering over Rs. 1 lakh. Gold prices are affected by a combination of global factors such as supply and demand, inflation, currency fluctuations (especially the US dollar), and geopolitical events. Central bank policies, interest rates, and the economic outlook also significantly influence gold prices.
In this Money IQ quiz, we have 10 questions on gold. How well do you know interesting trivia facts about gold as a commodity? These questions are designed to assess your knowledge of gold as a commodity in the finance world. Can you tell where the oldest gold mine in the world is or how many carats pure gold is? Let’s see if you can score 100 per cent on this gold trivia quiz.
Money IQ: How Well Do You Know Gold? Test Your Knowledge With This Financial Literacy Quiz!
Q1. Where is the oldest gold mine in the world?
A. The Sakdrisi mine, Georgia
B. Kolar Gold Fields, India
C. Ngwenya mine, Swaziland
D. Mahd adh Dhahab mine, Saudi Arabia
Answer: A. The Sakdrisi mine in Georgia
Explanation: The Sakdrisi mine in Georgia is considered the world's oldest gold mine. It dates back to the third millennium BCE.
Q2. Which commodity is known as black gold?
A. Natural gas
B. Crude oil
C. Gold
D. Copper
Answer: B. Crude oil
Explanation: Crude oil is known as black gold due to its high economic value.
Q3. Which is the deepest gold mine in the world?
A. The Rand mine in Africa
B. The Super Pit mine in Australia
C. The Carlin Canyon mine in Nevada
D. The Mponeng mine in South Africa
Answer: D. The Mponeng mine in South Africa
Explanation: The Mponeng mine in South Africa is the deepest gold mine in the world. It reaches over 4 km (2.5 miles) below ground. It is deep enough for 10 Empire State buildings to fit inside.
Q4. How many carats is pure gold?
A. 26 carats
B. 24 carats
C. 18 carats
D. 22 carats
Answer: B. 24 carats
Explanation: Pure gold is 24 carats, representing 99.99 per cent or 100 per cent pure gold. The carat system measures the purity of gold by dividing it into 24 parts. A 24-carat gold has 24 parts pure gold out of 24 total parts.
Q5. Which country is the world’s biggest producer of gold?
A. South Africa
B. India
C. China
D. U.S.
Answer: C. China
Explanation: China is the world’s biggest producer of gold. China leads global gold production with 380 tonnes in 2024.
Q6. Which country in the world has the largest stockpile of gold?
A. United States of America
B. UAE
C. India
D. China
Answer: A. United States of America
Explanation: The United States holds the largest gold reserves in the world, with approximately 8,133.5 metric tons, as of 2025.
Q7. What does ‘gold bullion’ refer to in finance?
A. Gold ornaments
B. High-purity gold in bars or coins
C. Gold used in electronics
D. Exchange-traded funds (ETFs)
Answer: B. High-purity gold in bars or coins
Explanation: Bullion refers to gold in its purest form and is available as coins, bars, or ingots. These are at least 99.5% pure.
Q8. Which is the key reason investors turn to gold during economic uncertainty?
A. To hedge against inflation and currency risk
B. Ornamental value and high returns
C. High volatility
D. It is government-mandated
Answer: A. To hedge against inflation and currency risk
Explanation: Investors turn to gold during economic uncertainty, as it is a safe-haven asset that investors hedge against inflation and currency risk.
Q9. Which country has the most gold reserves?
A. Russia
B. China
C. India
D. The United States of America
Answer: D. The United States of America
Explanation: The U.S. holds the most gold reserves in the world. As of 2025, it is estimated that the U.S. holds more than 8,100 tonnes of gold.
Q10. Which country does India import the most gold from?
A. Switzerland
B. United States of America
C. The UAE
D. South Africa
Answer: A. Switzerland
Explanation: India imports most gold from Switzerland, followed by the UAE and South Africa at second and third ranks, respectively.
How many questions did you get right? SHARE your score in the comments. Challenge your friends and family with this financial quiz.
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