Gold nanoparticles functionalized with thiolated, bidentate Schiff base ligands. The Schiff base ligands form a ligand monolayer surrounding and binding to the surface of a gold nanoparticle core through Au—S linkages. The functionalized gold nanoparticle composites have a spherical shape, an average diameter of 7-15 nm and a narrow particle size distribution. Methods of assessing these functionalized gold nanoparticle composites as fluorescent probes in Fe(III) chemosensing applications, methods of preparing the functionalized gold nanoparticle composites and methods of detecting Fe(III) ions with the same are also provided.