PRECIOUS METALS MARKET FORECASTING IN THE CURRENT ENVIRONMENT

Ihor Rumyk; Volodymyr Kuzminsky; Olha Pylypenko; Oksana Yaroshenko

doi:10.36690/2674-5208-2024-1-45

Authors

Ihor Rumyk KROK University https://orcid.org/0000-0003-3943-639X
Volodymyr Kuzminsky KROK University https://orcid.org/0000-0002-7069-0057
Olha Pylypenko V.I. Vernadsky Taurida National University https://orcid.org/0000-0003-3997-9108
Oksana Yaroshenko KROK University

DOI:

https://doi.org/10.36690/2674-5208-2024-1-45

Keywords:

precious metals, forecasting methods, market, alloys, gold reserves

Abstract

The article analyzes trends in the precious metals market. The general characteristics and assessment of the most popular precious metals are given. The key factors influencing the supply and demand of precious metals are analyzed. Precious metals market forecasts have been developed. An analysis of the state of the world gold market in recent years has been carried out. Using the method of comparative analysis, modern trends in the supply and demand of this precious metal were revealed. The dynamics and structure of world gold reserves are considered. The world's precious metal reserves in different countries were also studied. The potential gold reserves in Ukraine are estimated. The production of precious metals in the world was studied. The rating of countries producing precious metals has been compiled. The leaders in this field have been identified based on the criteria of production capacities and growth rates of precious metals extraction. The structure of consumption of precious metals in the world is analyzed. The factors that lead to an increase in the rate of consumption of precious metals in modern conditions are considered. In particular, an increase in the current rate of commissioning of new solar energy capacities and an increase in the use of electric transport have been identified, which has significantly increased the demand for precious metals in the world. The impact on price dynamics of geopolitical and other economic factors, such as changes in trade relations between countries, currency fluctuations, market crises, changes in the monetary policy of central banks in many countries, and, above all, the increase in interest rates by the US Federal Reserve, was also studied. Considering these and other influencing factors, forecasts of the price dynamics of the precious metals market for 2024 and subsequent years were developed using a graphical method.

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Author Biographies

Ihor Rumyk, KROK University

Doctor of Science (Economics), Professor, Head of National Economy and Finance Department, KROK University, Kyiv

Volodymyr Kuzminsky, KROK University

Ph.D., Associate professor, Associate professor of National Economy and Finance Department, KROK University, Kyiv

Olha Pylypenko, V.I. Vernadsky Taurida National University

Ph.D., Associate professor, Associate professor of Finance and Accounting Department, V.I. Vernadsky Taurida National University, Kyiv

Oksana Yaroshenko, KROK University

Master’s degree, KROK University, Kyiv

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