Coating of a base metal with a thin film of silver. The process used to coat the metal is electrolysis. The price of gold of lower karatage is linked directly with the 24 K price. Excluding the impact of various taxes, middlemen margins and some other costs, the price of 22 K gold can be derived by dividing the 24 K price by 24 and multiplying by 22. Similarly, gold price for other karatages can also be derived.
Refining is the separation and purification of gold from other metals.
This is normally done in two steps. First, the crude gold is melted and chlorine is bubbled through the molten metal converting all the other metals to chlorides, which get floated off. This process yields 99.5 per cent pure gold that is then cast into anodes. The anodes are then placed in an electrolytic cell and on passing a current, 99.99 per cent pure gold is deposited at the cathode. Gold Refineries are highly capital intensive and it is not possible for every gold producer to be a refiner as well.