Used primarily in organic synthesis as a catalyst or reagent, particularly in reactions involving the formation of carbon-carbon bonds. It is effective in promoting cyclization and coupling reactions, making it valuable in the production of complex organic molecules. Additionally, it serves as an oxidizing agent in certain chemical transformations. In analytical chemistry, it is utilized for the determination of halides due to its ability to form precipitates with chloride, bromide, and iodide ions. Its hygroscopic nature requires careful handling and storage in dry conditions to maintain its reactivity.