Chemically, gold is a transition metal and can form trivalent and univalent cations upon solvation. Compared with other metals, pure gold is more chemically unreactive, but it is attacked by aqua regia (a mixture of acids), forming chloroauric acid, and by alkaline solutions of cyanide but not by single acids such as hydrochloric, nitric or sulfuric acids. Gold dissolves in mercury, forming amalgam alloys, but does not react with it. Since gold is insoluble in nitric acid which will dissolve silver and base metals, this is exploited as the basis of the gold refining technique known as "inquartation and parting". Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term "acid test", referring to a gold standard test for genuine value.Gold is the most malleable and ductile of all metals; a single gram can be beaten into a sheet of 1 square meter, or an ounce into 300 square feet. Gold leaf can be beaten thin enough to become translucent. The transmitted light appears greenish blue, because gold strongly reflects yellow and red. Such semi-transparent sheets also strongly reflect infra-red, making them useful as infrared (radiant heat) shields in visors of heat-resistant suits, and in sun-visors for spacesuits.

Gold readily creates alloys with many other metals. These alloys can be produced to modify the hardness and other metallurgical properties, to control melting point or to create exotic colors (see below). Gold is a good conductor of heat and electricity and reflects infra red radiation strongly. Chemically, it is unaffected by air, moisture and most corrosive reagents, and is therefore well-suited for use in coins and jewelry and as a protective coating on other, more reactive, metals. However, it is not chemically inert. Free halogens will react with gold, and aqua regia dissolves it via formation of chlorine gas which attacks gold to form the chloraurate ion. Gold also dissolves in alkaline solutions of potassium cyanide and in mercury, forming a gold-mercury amalgam.