The aim of this paper is to identify the main factors which influence the gold price in the international market. According to the main hypothesis, the gold price is determined by the following factors: US$ to EUR exchange rate, log return on S&P 500, brent crude oil prices, yield to maturity of US 10-year Treasury bonds, and gold price history. Econometric methods have been applied and an econometric model has been built and estimated. An econometric analysis has confirmed our hypothesis.

The aim of this paper is to identify the main factors which influence the gold price in the international market. According to the main hypothesis, the gold price is determined by the following factors: US$ to EUR exchange rate, log return on S&P 500, brent crude oil prices, yield to maturity of US 10-year Treasury bonds, and gold price history. Econometric methods have been applied and an econometric model has been built and estimated. An econometric analysis has confirmed our hypothesis.