Unlocking Gold Price Dynamics: In-Depth Analysis of Influencing Factors

Introduction

Gold has been revered for centuries as a symbol of wealth, a store of value, and a hedge against economic uncertainties. Its unique properties—such as scarcity, malleability, exceptional conductivity, and resistance to corrosion—make it invaluable not only in the financial markets but also across various industries, including jewelry, electronics, aerospace, and medical devices. As the second most consumed metal globally after steel, gold’s significance in both investment portfolios and industrial applications underscores its pivotal role in the global economy.

The price of gold is influenced by a complex interplay of factors encompassing macroeconomic indicators, geopolitical events, market sentiment, and the dynamics of other financial and commodity markets. Understanding these multifaceted influences is essential for investors, policymakers, manufacturers, and consumers to make informed decisions. This comprehensive analysis delves into all direct and indirect factors affecting gold prices, including the impact of currencies—particularly the U.S. dollar—interest rates, stock markets, and other commodities.

Summary Table of Factors Influencing Gold Prices

Table 1: Factors Influencing Gold Prices and Their Effects

Detailed Analysis of Factors

1. Supply and Demand Dynamics (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Global demand for gold surpasses supply, leading to scarcity and higher prices.
• When Price Decreases: Supply exceeds demand, resulting in surplus inventories and lower prices.

Expanded Discussion:

The balance between gold’s supply and demand is the cornerstone of its price determination. During periods of economic uncertainty or crisis, investors flock to gold as a safe-haven asset, boosting demand and pushing prices upward. Conversely, in times of economic stability and confidence, the demand for gold may wane as investors prefer riskier assets with higher returns, such as equities, leading to price declines.

Additionally, significant changes in industrial demand—for instance, increased use in electronics or medical devices—can disrupt the supply-demand equilibrium. The discovery of new gold reserves or advancements in mining technology that enhance extraction efficiency can increase supply, thereby reducing prices. On the demand side, cultural factors, such as the traditional importance of gold in jewelry in countries like India and China, can lead to seasonal spikes in demand, influencing short-term price movements.

2. Global Production Levels (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Production decreases due to mining challenges, environmental regulations, or operational inefficiencies, leading to reduced supply.
• When Price Decreases: Production increases due to the development of new mines, expansion of existing facilities, or technological improvements, boosting supply.

Table 2: Global Gold Production (2016-2023)

Sources: World Gold Council, US Geological Survey

Expanded Discussion:

China remains the largest gold producer, followed by Australia, Russia, and the United States. Environmental regulations, labor strikes, and technological failures can disrupt mining operations, reducing global gold production and driving up prices. Conversely, the discovery of new reserves or the opening of new mines can boost supply, leading to lower prices. Additionally, geopolitical tensions or sanctions on major producers can disrupt production and supply chains, influencing global output.

3. Industrial Demand (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Increased demand from electronics, medical devices, and other technological applications.
• When Price Decreases: Decreased demand from industrial sectors due to technological shifts or reduced economic activity.

Expanded Discussion:

Gold is extensively used in electronics due to its excellent conductivity and resistance to corrosion. Innovations in medical technology and aerospace also contribute to industrial demand. During periods of technological advancement, the demand for gold in these sectors can rise, supporting higher prices. Conversely, if industries shift to alternative materials or experience economic downturns, industrial demand for gold may decline, exerting downward pressure on prices.

4. Central Bank Reserves (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Central banks increase their gold reserves, driving up demand.
• When Price Decreases: Central banks sell off their gold reserves, reducing demand.

Expanded Discussion:

Central banks play a significant role in the gold market. When central banks decide to diversify their reserves by purchasing more gold, it boosts demand and supports higher prices. Conversely, when central banks sell gold from their reserves, it increases supply in the market, potentially lowering prices. For instance, central banks from countries like Russia, China, and India have been increasing their gold holdings in recent years, contributing to upward pressure on gold prices.

5. Inflation Rates (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: High inflation drives demand for gold as a hedge against rising prices.
• When Price Decreases: Low inflation reduces the appeal of gold as an inflation hedge.

Expanded Discussion:

Gold is traditionally seen as a safeguard against inflation. When inflation rates are high, the purchasing power of fiat currencies declines, prompting investors to seek gold as a store of value, thereby increasing its price. On the other hand, when inflation is low and stable, the need for gold as a hedge diminishes, potentially leading to lower prices.

6. Interest Rates (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Lower interest rates make gold more attractive as an investment.
• When Price Decreases: Higher interest rates make gold less attractive compared to interest-bearing assets.

Expanded Discussion:

Interest rates inversely affect gold prices. When central banks lower interest rates, the opportunity cost of holding non-yielding assets like gold decreases, making gold more attractive to investors. Additionally, lower interest rates can weaken the U.S. dollar, further boosting gold prices. Conversely, higher interest rates increase the opportunity cost of holding gold, making it less attractive, which can lead to lower gold prices.

7. Exchange Rates (Value of the U.S. Dollar) (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Weakening U.S. dollar increases gold prices.
• When Price Decreases: Strengthening U.S. dollar decreases gold prices.

Expanded Discussion:

Gold is typically priced in U.S. dollars, making its price sensitive to changes in the dollar’s value. A weaker dollar makes gold cheaper for foreign investors, increasing demand and driving up prices. Conversely, a stronger dollar makes gold more expensive in other currencies, reducing demand and leading to lower prices. For example, during periods when the U.S. dollar depreciates against other major currencies, gold prices often rise as a result. Additionally, gold’s inverse relationship with the dollar means that movements in the dollar index can significantly impact gold’s market performance.

8. Geopolitical Events (Direct and Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Conflicts, sanctions, and political instability boost gold demand as a safe-haven asset.
• When Price Decreases: Resolution of geopolitical tensions reduces the need for gold as a safe-haven.

Expanded Discussion:

Geopolitical instability, such as wars, terrorism, or political unrest, increases uncertainty in financial markets. In such times, investors flock to gold as a safe-haven asset, driving up its price. For instance, tensions in the Middle East or sanctions on major economies can lead to spikes in gold prices due to heightened uncertainty and risk aversion among investors. Conversely, when geopolitical tensions are resolved and stability is restored, the demand for gold as a safe-haven diminishes, potentially leading to lower prices.

9. Stock Market Performance (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Bearish stock markets boost gold investment.
• When Price Decreases: Bullish stock markets reduce gold investment.

Expanded Discussion:

The performance of stock markets often inversely correlates with gold prices. During periods of stock market downturns or high volatility, investors seek refuge in gold, boosting its price. Conversely, when stock markets are performing well and investor confidence is high, the demand for gold as a safe-haven asset decreases, leading to lower prices. For example, during the 2008 financial crisis and the COVID-19 pandemic onset in 2020, significant declines in global stock markets were accompanied by surges in gold prices as investors sought stability.

10. Commodity Prices (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Rising prices of other commodities like silver make gold more attractive.
• When Price Decreases: Falling prices of other commodities reduce gold’s appeal.

Expanded Discussion:

Gold often competes with other precious metals like silver, platinum, and palladium. When the prices of these substitute commodities rise, investors may shift their investments towards gold, increasing its demand and price. Conversely, if the prices of these substitutes fall, the relative attractiveness of gold diminishes, leading to reduced demand and lower prices. Additionally, broader trends in commodity prices, influenced by global economic conditions and investor sentiment, can indirectly impact gold prices through shifts in portfolio allocations and investment strategies.

Table 2: Comparison of Average Annual Prices of Gold and Silver (2016-2023)

Sources: London Bullion Market Association, World Silver Survey

11. Mining Costs (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Rising mining costs reduce gold supply.
• When Price Decreases: Falling mining costs increase gold supply.

Expanded Discussion:

The cost of extracting gold from mines directly impacts its supply. When mining costs rise due to increased labor expenses, energy prices, or regulatory compliance, gold producers may reduce output or cease operations, leading to decreased supply and higher gold prices. Conversely, if mining costs fall, production becomes more profitable, encouraging increased supply and potentially lowering prices. Factors such as technological advancements that reduce extraction costs or geopolitical stability that lowers operational risks can significantly influence mining costs and, by extension, gold prices.

12. Technological Advancements in Mining (Direct and Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Technological failures disrupt production, reducing supply.
• When Price Decreases: Technological improvements enhance production efficiency, increasing supply and lowering prices.

Expanded Discussion:

Advancements in mining technology can significantly impact gold supply. Innovations such as automation, improved extraction techniques, and enhanced ore processing can increase gold production efficiency, boosting supply and putting downward pressure on prices. Conversely, technological disruptions, including equipment failures or cyberattacks, can halt production temporarily, reducing supply and driving prices up. For example, the adoption of advanced mining machinery can lower operational costs and increase output, while a failure in such systems can cause significant supply shortages.

13. Environmental Regulations (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Stricter regulations increase production costs, reducing supply and increasing prices.
• When Price Decreases: Relaxed regulations lower production costs, increasing supply and decreasing prices.

Expanded Discussion:

Governments worldwide are implementing stringent environmental regulations to minimize the ecological impact of mining activities. Compliance with these regulations often requires significant investment in cleaner technologies and operational changes, increasing production costs and reducing supply. For example, stricter emissions standards or restrictions on land use can limit gold mining operations, leading to higher gold prices. On the other hand, relaxed environmental regulations can lower production costs, making gold mining more profitable and increasing supply, which may lead to lower prices.

14. Investor Sentiment and Speculation (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Positive sentiment and speculative buying drive prices up.
• When Price Decreases: Negative sentiment and speculative selling drive prices down.

Expanded Discussion:

Investor sentiment plays a crucial role in gold price fluctuations. Positive sentiment, driven by bullish market outlooks or favorable economic indicators, can lead to increased speculative buying, pushing gold prices higher. Conversely, negative sentiment, possibly due to bearish market trends or adverse economic news, can result in speculative selling, driving prices down. High levels of speculative trading can lead to increased volatility in gold prices, as investors react swiftly to news, data releases, and global events, amplifying price movements beyond fundamental supply and demand factors.

15. Economic Growth Indicators (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Economic uncertainty or slowdown boosts gold as a safe-haven asset.
• When Price Decreases: Strong economic growth reduces the need for gold as a safe-haven.

Expanded Discussion:

Economic growth indicators, such as GDP growth rates, unemployment rates, and consumer confidence indices, influence gold demand. During periods of economic uncertainty or slowdown, investors turn to gold to preserve wealth, increasing its price. In contrast, robust economic growth fosters confidence in other investments, reducing the demand for gold and potentially lowering its price. For instance, the 2008 financial crisis and the initial phase of the COVID-19 pandemic saw significant increases in gold prices as investors sought stability amid economic turmoil.

Table 3: GDP Growth Rates of Major Economies (2016-2023)

Sources: World Bank, International Monetary Fund

16. Fiscal and Monetary Policies (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Expansionary fiscal and monetary policies boost gold demand.
• When Price Decreases: Contractionary policies reduce gold demand.

Expanded Discussion:

Fiscal policies, including government spending and taxation, along with monetary policies such as interest rate adjustments and quantitative easing, significantly impact gold prices. Expansionary policies, which increase liquidity and economic stimulus, can lead to higher inflation expectations and greater demand for gold as a hedge, thereby increasing its price. Conversely, contractionary policies that tighten liquidity and control inflation can reduce gold demand, leading to lower prices. For example, aggressive monetary easing by central banks during economic downturns often results in gold price surges as investors seek protection against potential inflation and currency devaluation.

17. Jewelry Demand (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Increased demand in emerging markets boosts gold prices.
• When Price Decreases: Decreased demand in major jewelry markets lowers gold prices.

Expanded Discussion:

Gold is a popular material for jewelry, especially in countries like India and China, where cultural significance and economic growth drive high demand. During festive seasons or periods of economic prosperity, jewelry demand surges, supporting higher gold prices. Conversely, economic downturns or changes in consumer preferences can lead to reduced jewelry demand, putting downward pressure on gold prices. Additionally, innovations in jewelry design and the introduction of gold alternatives can influence consumer preferences and impact overall demand.

18. ETFs and Financial Products (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Increased holdings in gold ETFs drive up demand and prices.
• When Price Decreases: Decreased holdings in gold ETFs reduce demand and prices.

Expanded Discussion:

Exchange-Traded Funds (ETFs) and other financial products tied to gold have become significant players in the gold market. When investors pour money into gold ETFs, the increased demand for physical gold to back these financial products drives up prices. Conversely, when investors withdraw from gold ETFs, the reduced demand can lead to lower gold prices. The popularity of gold-backed financial instruments thus plays a crucial role in price dynamics, as large inflows or outflows can cause rapid price movements independent of physical supply and demand factors.

19. Trade Policies and Tariffs (Direct and Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Tariffs on gold imports reduce supply, pushing prices up.
• When Price Decreases: Tariff removal increases supply, potentially lowering prices.

Expanded Discussion:

Trade policies, including tariffs and import restrictions, directly impact the supply and demand of gold. For instance, imposing tariffs on gold imports can limit the availability of gold in certain markets, driving up prices due to reduced supply. Conversely, removing tariffs can increase gold availability, enhancing supply and potentially reducing prices. Trade tensions between major economies can lead to protective measures that influence gold price volatility. For example, in 2018, the U.S. imposed a 10% tariff on gold imports under Section 232, citing national security concerns. This action disrupted global supply chains, led to retaliatory measures from trading partners, and caused volatility in gold prices.

20. Recycling Rates (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Low recycling rates reduce secondary supply, tightening supply and increasing prices.
• When Price Decreases: High recycling rates increase secondary supply, potentially lowering prices.

Expanded Discussion:

Recycling gold from scrap and old jewelry is a significant source of secondary supply. Higher recycling rates can boost the overall supply of gold without the need for new mining, thereby exerting downward pressure on prices. Conversely, low recycling rates constrain supply, especially during periods of high demand, leading to higher gold prices. Encouraging recycling activities can thus play a role in stabilizing gold prices by enhancing the availability of secondary gold.

21. Transportation and Logistics Costs (Indirect Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Rising logistics costs increase the overall cost of delivering gold, pushing prices up.
• When Price Decreases: Lower logistics costs reduce the cost of delivering gold, potentially lowering prices.

Expanded Discussion:

Transportation and logistics are critical components in the gold supply chain. Increases in fuel prices, shipping delays, or logistical bottlenecks can elevate the cost of moving gold from mines to markets, contributing to higher gold prices. Conversely, improvements in logistics efficiency or reductions in transportation costs can decrease the overall cost of delivering gold, potentially leading to lower prices. Global supply chain disruptions, like those experienced during the COVID-19 pandemic, can lead to increased shipping times and costs, impacting gold prices by altering the cost structure of its distribution.

22. Political Stability in Major Gold-Producing Countries (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Political instability disrupts supply chains, reducing supply and increasing prices.
• When Price Decreases: Political stability ensures steady supply, supporting lower prices.

Expanded Discussion:

Political stability in gold-producing countries such as South Africa, Australia, Russia, and Canada is crucial for consistent gold production and supply. Political unrest, policy changes, or regulatory uncertainties in these regions can disrupt mining operations, leading to supply shortages and higher gold prices. On the other hand, stable political environments facilitate uninterrupted gold production and supply, contributing to more predictable and potentially lower gold prices. For example, political instability in South Africa, a major gold producer, has historically led to production delays and increased costs, thereby impacting global gold prices.

23. Natural Disasters and Accidents (Direct Effect)

Effect on Price: Increase or Decrease

• When Price Increases: Natural disasters disrupt mining operations, reducing supply and increasing prices.
• When Price Decreases: Recovery from disasters restores supply, potentially lowering prices.

Expanded Discussion:

Natural disasters such as earthquakes, floods, or industrial accidents can have immediate and significant impacts on gold mining operations. These events can halt production temporarily or permanently, leading to a reduction in gold supply and subsequent price increases. Recovery and restoration of mining activities post-disaster can restore supply levels, stabilizing or lowering gold prices. Additionally, the unpredictability of such events contributes to the inherent volatility in gold prices, as market participants react to supply shocks and uncertainties.

24. Market Liquidity

Effect on Price: Increase or Decrease

• When Price Increases: High liquidity supports higher prices by facilitating large transactions without significant price impact.
• When Price Decreases: Low liquidity can lead to price volatility and downward pressure due to difficulty in executing large trades.

Expanded Discussion:

Market liquidity refers to the ease with which gold can be bought or sold in the market without affecting its price. High liquidity means that large volumes of gold can be traded with minimal price impact, supporting stable and potentially higher prices. Low liquidity, on the other hand, can lead to increased price volatility as even modest trades can significantly influence prices. Factors contributing to market liquidity include the number of active market participants, the volume of trading, and the presence of gold-backed financial instruments. Enhanced liquidity often attracts more investors, contributing to upward price movements, while diminished liquidity can deter investment and lead to price declines.

25. Monetary Policy Expectations

Effect on Price: Increase or Decrease

• When Price Increases: Expectations of loose monetary policy increase gold demand.
• When Price Decreases: Expectations of tight monetary policy decrease gold demand.

Expanded Discussion:

Monetary policy expectations, particularly those related to interest rates and quantitative easing, play a crucial role in gold price dynamics. Expectations of loose monetary policy, which typically involve lower interest rates and increased money supply, can lead to higher gold demand as investors seek assets that hedge against inflation and currency devaluation. Conversely, expectations of tight monetary policy, characterized by higher interest rates and reduced money supply, can decrease gold demand as investors shift towards interest-bearing assets. Central banks’ forward guidance and economic forecasts significantly influence these expectations, thereby impacting gold prices.

26. Technological Innovations in Investment Products

Effect on Price: Increase or Decrease

• When Price Increases: New financial products linked to gold increase demand.
• When Price Decreases: Lack of innovation in financial products decreases demand.

Expanded Discussion:

Technological innovations in investment products, such as gold-backed digital assets, blockchain-based gold tokens, and enhanced gold ETFs, can significantly influence gold demand and prices. The introduction of innovative financial products that offer easier access, greater liquidity, and enhanced security can attract a broader base of investors, increasing gold demand and supporting higher prices. Conversely, the absence of such innovations or the introduction of competing investment products can reduce gold’s attractiveness, potentially leading to decreased demand and lower prices. The continuous evolution of financial technologies and investor preferences necessitates ongoing innovation in gold-related investment products to sustain and grow gold’s market presence.

Strategies to Predict Gold Prices

Accurately predicting gold prices involves a multifaceted approach that considers both quantitative and qualitative factors:

1. Fundamental Analysis

• Supply and Demand Forecasting: Regularly analyze global gold production and consumption data from reliable sources like the World Gold Council and the US Geological Survey. Understanding trends in mining output, recycling rates, and industrial usage can provide insights into potential supply-demand imbalances.
• Industry Trends: Monitor developments in key gold-consuming sectors, including electronics, jewelry, and technology, to anticipate changes in demand. For example, the growing use of gold in electronics due to its superior conductivity and resistance to corrosion can signal rising demand.

2. Macroeconomic Analysis

• Economic Indicators: Track GDP growth rates, unemployment rates, consumer confidence indices, and other economic indicators for major economies. Strong economic indicators may signal reduced demand for gold as a safe-haven, while weak indicators can enhance its appeal.
• Monetary Policies: Stay informed about central bank policies affecting interest rates, inflation, and liquidity. Central bank decisions, such as rate hikes or cuts, can directly influence gold prices by altering investment attractiveness and currency valuations.

3. Geopolitical Risk Assessment

• Political Developments: Keep abreast of international relations, trade negotiations, and sanctions that may impact gold supply chains. Political stability in key gold-producing regions is crucial for consistent supply.
• Regional Conflicts: Assess risks in key production and mining regions that could disrupt supply. Conflicts in major gold-producing countries can lead to supply shortages and price spikes.

4. Technical Analysis

• Price Charts: Utilize historical price data to identify trends, support and resistance levels, and potential breakout points. Technical patterns can provide short- to medium-term price movement predictions.
• Market Indicators: Apply technical indicators such as moving averages, Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD) to gauge market momentum and identify potential reversal points.

5. Correlation Analysis

• Inter-Commodity Relationships: Analyze the correlation between gold prices and other commodities like silver, oil, and platinum. Understanding these relationships can help anticipate gold price movements based on trends in related markets.
• Currency Movements: Assess how fluctuations in the U.S. dollar and other major currencies affect gold prices. Since gold is priced in USD, a weakening dollar typically leads to higher gold prices, while a strengthening dollar can suppress gold prices.

6. Sentiment Analysis

• Investor Behavior: Monitor speculative positions in futures markets and gold ETFs to gauge market sentiment. High levels of bullish sentiment can indicate rising prices, while bearish sentiment may signal potential declines.
• News and Social Media: Use sentiment analysis tools to interpret the impact of news headlines and social media trends on market perceptions. Positive news about economic uncertainty or geopolitical tensions can boost gold demand, whereas positive economic news can reduce its appeal.

7. Statistical and Econometric Modeling

• Regression Analysis: Build models to quantify the relationship between gold prices and influencing factors such as GDP growth, inflation rates, and interest rates. Statistical models can help identify key predictors and their impact on gold prices.
• Machine Learning Algorithms: Implement AI techniques to identify complex patterns and improve forecasting accuracy. Machine learning models can analyze vast datasets to uncover non-linear relationships and predictive indicators that traditional models might miss.

8. Risk Management Strategies

• Diversification: Spread investments across different assets and commodities to mitigate risks associated with gold price volatility. Diversification can help balance potential losses from gold with gains from other investments.
• Hedging Instruments: Use futures contracts, options, and swaps to hedge against adverse price movements. Hedging can protect investments from significant downturns in gold prices by locking in prices or setting price floors.

9. Regular Monitoring and Reporting

• Market Reports: Subscribe to industry reports from organizations like the World Gold Council, Kitco, and Bloomberg for expert analysis. These reports provide up-to-date information on market trends, supply-demand forecasts, and price drivers.
• Regulatory Updates: Stay informed about changes in environmental regulations, trade policies, and government interventions that may impact gold supply and demand. Regulatory shifts can quickly alter the market landscape, necessitating timely adjustments to investment strategies.

Conclusion

Gold prices are influenced by a complex interplay of factors encompassing supply and demand dynamics, macroeconomic indicators, interest rates, geopolitical events, and trends in other commodity markets. The impact of central bank policies, investor sentiment, technological advancements, and environmental regulations adds layers of complexity to price forecasting. Additionally, the value of the U.S. dollar and its correlations with other financial instruments and commodities play a crucial role in determining gold’s market performance.

References

1. World Gold Council. (2023). Gold Demand Trends. Retrieved from www.gold.org
2. US Geological Survey. (2023). Mineral Commodity Summaries: Gold. Retrieved from www.usgs.gov
3. World Bank. (2023). Global Economic Prospects. Retrieved from www.worldbank.org
4. International Monetary Fund. (2023). World Economic Outlook. Retrieved from www.imf.org
5. London Bullion Market Association. (2023). Bullion Market Reports. Retrieved from www.lbma.org.uk
6. Kitco. (2023). Gold Price Data. Retrieved from www.kitco.com
7. Bloomberg. (2023). Commodity Futures Data. Retrieved from www.bloomberg.com
8. Metal Bulletin. (2023). Gold Market Analysis. Retrieved from www.metalbulletin.com
9. CRU Group. (2023). Gold Market Outlook. Retrieved from www.crugroup.com
10. Wood Mackenzie. (2023). Gold Market Reports. Retrieved from www.woodmac.com
11. Kitco News. (2023). Gold Market News. Retrieved from www.kitco.com/news/
12. World Silver Survey. (2023). Silver and Gold Markets. Retrieved from www.silver.org