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From Terraria Wiki
The Gold Hammer is an early game hammer, being stronger than the Silver Hammer, but weaker than The Breaker. It has an alternate ore version, the Platinum Hammer, which is slightly stronger. Like all hammers, it is used to remove background walls and create sloped tiles and half tiles. Despite being a tier below The Breaker, it has the same hammer power and is actually faster, making it a more efficient tool, although The Breaker is a better weapon.
Its best Modifier is Legendary. While Light may seem to provide a better speed boost by percentages, after rounding Legendary and Light mine at equal speeds.