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By analysis of data consisting of spot and forward prices of gold and spot and forward exchange rates of the major currencies, forecast errors can be used to relate price variations to exchange rates.

The gold market is dominated by European countries in contrast to the US dollar bloc which has only a small influence. Major gold producing countries have no significant effect on gold prices.

The volatility of gold prices is traced back to the Bretton Woods International Monetary System, dissolution of which in 1973 permitted fluctuations in exchange rates among the major currencies with consequent variations in gold price.

Keywords: gold, prices, exchange rates, currencies

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