1. Supply and demand of gold

Because gold has both commodity, monetary and financial attributes, and it is also a symbol of assets, the price of gold is not only affected by the relationship between supply and demand of commodities, but also very sensitive to economic and political changes. The oil crisis and financial crisis will lead to a sharp fall in the security of gold prices. In addition, investment demand also has a significant impact on the change of gold price.

2. Exchange rates of major currencies in the world

The exchange rate of US dollar is one of the important factors that affect the fluctuation of gold price. Since the gold market price is priced in US dollars, the appreciation of the US dollar will push the price of gold down, while the depreciation of the US dollar will push the price of gold up. The strength of the dollar will have a very significant impact on the price of gold. However, in some special periods, especially when the trend of gold is very strong or weak, the price of gold will also get rid of the influence of the dollar and go out of its own trend.

3. Oil supply and demand relationship

Since the world's major oil spot and futures markets are priced in US dollars, the fluctuation of oil prices reflects the relationship between world oil supply and demand on the one hand, and the change of US dollar exchange rate and world inflation rate on the other. Oil price and gold price indirectly influence each other.

4. International political turmoil, war

Major international political and war events will affect the price of gold. The government spends a lot of money on war or maintaining the stable growth of domestic economy, political turmoil and a large number of investors turn to gold investment, etc., which will expand the demand for gold.

5. Other factors

The intervention activities of international financial organizations and the policies and regulations of central financial institutions in China and other regions will also have a great impact on the world gold price.