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Mazaraki A., Mel'nyk T., Demkiv Ju. Zolotoinvestycijna konstanta u svitovyh ekonomichnyh transformacijah. Visnyk Kyi’vs’kogo nacional’nogo torgovel’no-ekonomichnogo universytetu. 2022. № 1. S. 4-25. https://doi.org/10.31617/1.2022(141)01

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DOI: https://doi.org/10.31617/1.2022(141)01

UDC 339.727.2
JEL Classification:E58, F33, G15, G24

MAZARAKI Anatolii,
Doctor of Economics, Professor, Rector
ofState University of Trade and Economics 
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID:0000-0001-5283-8444
rector@knute.edu.ua
 
MELNYK Tetiana,
Doctor of Economics, Professor, Head of the Department of International Management,
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0002-3839-6018
t.melnyk@knute.edu.ua 
 
DEMKIV Yuliia,
PhD (Economics), Associate Professor at the Department
of International Management,
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0002-0486-9462
y.demkiv@knute.edu.ua

GOLDINVESTMENT CONSTANT IN WORLD ECONOMIC TRANSFORMATIONS

Introduction. Gold reserves are created and used to meet the emergency needs of the state due to military, political and economic emer­gencies. But, despite the importance of this part of gold and foreign exchange reserves, its volu­mes in some countries due to various reasons differ significantly.
Problem. At this stage, characterized by per­manent crisis conditions of the world economy, the issue of investment attractiveness and profi­tability of the gold market is relevant, which requires in-depth research into changing the dy­na­mic economic characteristics of gold and its current positioning as a global asset.
The aim of the article is to study the current role of gold in the world economy as an invest­ment constant in the context of global economic transformations.
Methods. The main research methods are methods of statistical analysis, synthesis, grou­ping and graphical representation of results.
Results. Approaches to the definition of the concept of "gold-investment constant" are consi­dered. The global analysis of gold in retro and perspective format according to the reporting data of international organizations is carried out. Modern forms of interaction with other world assets are analyzed. The dynamics of growth of profitability and investment attractiveness of gold is analyzed. The tendencies of quantitative chan­ges of gold reserves in the gold and foreign exchange reserves of the states and their quali­tative structure are studied. The global tenden­cies of increasing gold reserves in the gold and foreign exchange reserves of the states have been established.
Conclusions. Despite the fact that gold has officially lost its monetary value, this metal in the gold and foreign exchange reserves of states still serves as a strategic financial asset, the use of which is associated with extraordinary circum­stances of political, economic and military nature. We should expect the trend of strengthening gold prices to continue in the future and consider it as an investment constant in global economic transformations.
Keywords: world dynamics of gold price, gold market, investment attractiveness, global demand for gold, return on assets, gold and foreign exchange reserves.

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