The species that oxidizes nickel is gold(III) ion, rather than metallic gold. The half-reactions are
Multiplying the first by three and the second by two gives
Standard electrode potentials are not multiplied by the balancing factors. Thus and six moles of electrons are transferred per mole of this balanced reaction:
The negative sign predicts a thermodynamically favorable galvanic replacement under standard conditions.
Clean and degrease the nickel surface, remove its inhibiting oxide by an appropriate brief surface treatment, rinse, and immerse it in an aqueous bath containing reducible gold(III) species. Control concentration, temperature and immersion time, then rinse after the desired deposition. A solution of a gold complex is practical, but its actual reduction potential must be evaluated for that complex and bath: it need not equal the supplied free-ion standard potential.
At anodic sites nickel dissolves as , releasing electrons into the conducting substrate. Those electrons reduce gold ions at cathodic sites, nucleating and growing metallic gold. The nickel itself is the reducing agent, so no external electrical supply or separate reducing reagent is required. The coupled electron balance is three nickel atoms dissolved for two gold atoms deposited for the stated oxidation states.
The process can slow or stop when a sufficiently continuous gold coating prevents the electrolyte from reaching nickel. This is not an absolute thickness rule: pores, cracks or exposed edges preserve nickel dissolution and allow continued deposition, sometimes with undercutting. nickel passivation, depletion of gold ions near the surface, diffusion through a porous layer, bath speciation and competing reactions also affect the rate. Dense gold coverage and porous gold coverage therefore have very different limiting behavior.
Use a shaped nickel particle or nanowire as both sacrificial template and reducing agent. gold grows where nickel is consumed, allowing gold-coated particles, porous shells and, with suitable removal of the remaining nickel, hollow gold nanostructures. The original template controls the overall shape; the balance of dissolution, deposition and diffusion controls wall thickness and porosity.
A hollow product is not guaranteed simply by writing the reaction: deposition may seal a solid nickel core, whereas defects can maintain access to the interior and permit further replacement. Controlled composition and transport can give a progression from core–shell to porous or hollow structures. This is useful for high-surface-area electrodes, catalytic surfaces and plasmonic structures, while avoiding an electrical lead to every individual nanoparticle.

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