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Liburkina L. M.

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The Main Factors Influencing the Policy of Pricing for Gold in the Conditions of Financial Globalization of the World Markets
, Miroshnychenko T. M., Pysarevskyi M. I., Frunt I. B.

,. et al. (2019) “The Main Factors Influencing the Policy of Pricing for Gold in the Conditions of Financial Globalization of the World Markets.” Business Inform 4:21–27.
https://doi.org/10.32983/2222-4459-2019-4-21-27

Section: Globalization Processes in the Economy

Article is written in Ukrainian
Downloads/views: 5

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UDC 339.722:338.53

Abstract:
The publication is aimed at analyzing the gold market, defining the main factors that influence the pricing for gold, analyzing the world demand for gold. It is indicated that gold reflects the monetary and financial positions of the country and is one of the key indicators of its competitiveness; it is emphasized that the world gold market plays a special role in international finance; it is estimated how the world countries apply a variety of policies to form their gold reserves. The world gold market is analyzed for the time period of the last 10 years, identifying that the demand and supply of the yellow metal are constantly changing both structurally and functionally. Demand depends on the level of industrial development, the need for replenishment of gold and currency reserves of the State, speculative tendencies and generally tends to steady growth. The article covers the issues related to the world economic crisis, which started in 2008 and caused changes in all spheres of life: social, economic, political; which influenced development of the financial sector and the dynamics of both the world and national currencies, provoking instability both world-wide and in the scale of individual countries. In the crisis moments, gold is always an object of increased interest, being a risk-free and protected asset that has high liquidity. The conclusions can be drawn as follows: gold, in comparison with paper assets, remains a popular investment instrument and retains its significance for the States; the factors influencing the formation of gold prices are multifaceted and cover all aspects of the production, sale and consumption of gold. Currently the pricing for gold is being formed under the influence of political and financial factors.

Keywords: precious metals market, international financial organizations, gold market, investors, central banks, world market conditions, financial globalization, gold and currency reserves.

Fig.: 5. Tabl.: 1. Bibl.: 12.

–
Miroshnychenko Tetiana M. – Candidate of Sciences (Economics), Senior Lecturer, Department of International Economic Relations named after Artur Holikov, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Pysarevskyi Mykola I. – Candidate of Sciences (Economics), Associate Professor, Department of International E-Commerce and Hotel and Restaurant Business, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Frunt Ielyzaveta B. – Student, Faculty of International Economic Relations and Tourism Business, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

List of references in article

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Doskochynska, L. S. “Rol zolota ta sribla u finansovii diialnosti derzhav“ [The role of gold and silver in the financial activities of States]. Aktualni problemy ekonomiky Ukrainy: naukovyi pidkhid do yikh vyrishennia. Ternopil: Taip, 2013. 34-36.
“Joint Statement on Gold“. European Central Bank. 1999. https://www.ecb.europa.eu/press/pr/date/1999/html/pr990926.en.html
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Pukhalska, A. P., and Korotaieva, O. V. “Analiz koniunktury ta tendentsii suchasnoho rozvytku rynku zolota“ [Analysis of the current situation and trends of the current development of the gold market]. Visnyk Zaporizkoho natsionalnoho universytetu. Seriia «Ekonomichni nauky», no. 2 (2014): 217-225.
“Gold supply and demand statistics“. https://www.gold.org/goldhub/data/gold-supply-and-demand-statistics
World Gold Council. https://www.gold.org/
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“Mizhnarodni valiutno-kredytni ta finansovi vidnosyny“ [International monetary and credit and financial relations]. http://bibliograph.com.ua/valyutno-creditnye-otnosheniya/148.htm

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