What Are the Real Drivers of Gold Prices?
Hana Sipkova, Juraj Sipko, Juraj Sipko

Abstract
The aim of this paper is to analyze the key drivers of the gold price. With the changing role of gold in the international monetary system and in the financial markets over the past few decades, the real drivers of gold have evolved significantly in the past century. Therefore, the analysis serves to differentiate between the drivers that have driven gold in the past and to identify the key drivers of gold prices today. Demand composition both by investor type as well as consumer market has changed significantly in the past decades and further changes are expected in the coming years. The main drivers of gold prices at present include expected inflation, money supply expectations and investor speculation, taking into consideration also the geopolitical situation and real purchasing power parity in emerging markets.

Full Text: PDF