An improved gold paste for use in the manufacture of ceramic circuit boards is disclosed, which has a composition comprising an inorganic component, an organic binder, a solvent. The inorganic component contains (a) 84-94 wt % powdery gold with a particle size of 0.3-0.7 .mu.m, (b) 0.3-2.0 wt % powdery V.sub.2 O.sub.5 with a particle size of 0.3-2.0 .mu.m, and (c) 0.3-2.0 wt % powdery CuO with a particle size of 0.3-2.0 .mu.m.