Gold is a chemical element that exists in a dense, malleable solid state at room temperature. Gold liquefies when it is heated to a melting point of 1,948 degrees Fahrenheit.
Gold has always been valued for its comparative rarity and its malleability. Melting old jewelry and other items down is often done in order to facilitate the sale of the alloy. Once melted, gold is valued depending on its total weight as well as the relative purity of the metal, which is measured in karats. Twenty-four karat gold is 99 percent pure, according to MarketWatch by the Wall Street Journal.