| Abstract [eng] |
Scientific literature analysis proposes that there is a lack of the research on the impact of the EU, Chinese and US monetary policies on gold price fluctuations. Therefore, with a view to filling this research gap, it is purposeful to examine the impact of monetary policies pursued by central banks in different regions on the price of gold as one of the main asset types in the modern financial market Scientific literature is still lacking the model for assessing the impact of monetary policies on the gold markets that would consider the effects of the factors specific to the EU, Chinese and US markets in terms of the gold price forecasting. The general purpose of this scientific research is to review the main EU, China and US monetary policy instruments and assess the impact of these instruments on the price of gold based on the comprehensive model developed for assessing the impact of monetary policy instruments on the price of gold in different regions. The empirical research has revealed that non-traditional monetary policy instruments did not have any significant impact on gold price fluctuations in the long run. When making investment in gold, it is advisable to monitor these parameters of the traditional instruments: changes in the money supply in the EU and US markets, interest rates in the People’s Republic of China and the US, US unemployment data and consumer prices index of People’s Republic of China. |
