The drivers of Gold price

Since gold started to be mined thousands years ago it has been used not only as a commodity but also as a currency and above all as the supreme store of value. In this paper I perform a theoretical and econometric analysis of several indicators that could drive gold price. Does the “golden constant” appear to be right? Is gold an inflation hedge on short-term periods? Does gold act as a currency hedge? These are currently the indicators that are supposed to drive gold price. But new indicators appeared in the 21st century influencing drive gold price: Central Bank demand demand from Asia or uncertainty coming from geopolitical and political turmoil. Does Gold act as a safe haven asset? A currency hedge? An inflation hedge? You will find out in this paper.