PRICE DYNAMICS OF GOLD AND SILVER IN THE PERIOD 2015-2023

The aim of this paper was to map the price development of selected metal commodities -gold and silver from 1 January 2015 to 1 January 2023, to determine whether the COVID-19 pandemic had an impact on their price development and whether there is a linear relationship between the prices of these commodities. The validity of the correlation between the prices of gold and silver was examined using correlation analysis. Granger causality confirmed a statistically significant relationship between past gold and silver prices, indicating their mutual predictive value for future prices. The price data was obtained by content analysis and evaluated by graphical analysis. During the period under review, the price of both commodities increased, and the curves of both commodities followed a similar pattern. The gold price evolved from the original value of CZK 877.19/g to the price quoted on 1 January 2023, which was CZK 1,327/g. The price of silver also saw a price development, from CZK 11.64/g to CZK 17.43/g. From an investment point of view, the COVID-19 pandemic had a positive effect on both commodities, as prices increased significantly, especially for gold, which can serve as an investment metal in times of economic crises. The biggest limitation of the work were events such as the COVID-19 and the war in Ukraine, which influenced the price development of both commodities and thus could have affected the results of the research.