Economic development of prices of gold in the world markets

The thesis focuses on analyses of price development of gold from 1971 to 2015. In 1971 Bretton Woods system, which set the price of one Troy ounce to 35 US dollars, collapsed. After the collapse of this monetary system the price was left to the market. The work focuses on more recent development of price of gold between the years 2005 and 2015 and tries to identify the factors influencing the price of chosen commodity. Price of gold is in US dollars for one Troy ounce which id 31,1 grams. Literature review looks at general properties of gold. Further, it sums up the history of gold as means of payment and different kinds of gold standards, which clarify how gold as currency has slowly been replaced by different substitutes, mainly inadequate coins, banknotes or wireless transfer of money. Then, the term investment gold is explained and several possible ways to invest into gold are shown. Further chapters focus on gold mining and setting of current price of gold in London. Practical part looks at supply and demand for gold, composition of supply and demand and development in time. Next part of the work is above mentioned analyses of price development focusing on years 2005 to 2015, stating real price of gold in US dollars per Troy ounce. In conclusion the most important factors influencing price of gold are described and the authors opinion about price prediction is given