Technologically, today, there is no difference between two words, although molding very broadly represents "non-metallic" material whereas casting represents "metallic" material. The word "casting" has been used for many many years, close to 5000. Both represent melting material to necessary molten state and pouring, under pressure or under gravity, into a pre-designed "mold" which after cooling period solidifies and forms the required shape.
Moulding is the practise of preparing a mould out of sand, wax etc with the help of a wooden or metallic pattern in a foundry. It forms a negative of the shape of the item to be cast. Molten metal is poured into the mould and when solidified, the mould is broken to extract the 'casting' and further processed - heat treatment, machining etc.
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