Subject The study stems from a growing role of gold as an important economic and political means in the unstable economic situation. Objectives The study investigates routes of global gold flows by analyzing the existing trends in demand and supply of gold worldwide. Methods The methodological framework relies upon objective principles of a systems approach, provisions of economic analysis, logic and comprehensive approaches to evaluating economic phenomena and processes. Results Gold supplies from the USSR to foreign countries were found to have started in 1953. The article indicates how much gold was sold within 1953 through 1990. Traditionally, South Africa was the leader exporting gold to Europe, supplying 74 percent of gold. Gold was transported from Europe along the same routes which had been used in 1972. Practically all supplies of gold from Europe to the Indian subcontinent still pass through Dubai, however being halved in comparison with 1972. Russia sold an insignificant amount of gold within 2012 through 2018. Conclusions and Relevance The world sees an increasing demand for gold not only as a means of investment. In 2018 global gold reserves increased by 4 percent year-on-year. The uprising trend in the gold market continued in 2018. Central banks of the Russian Federation and Turkey became the most active purchasers of gold. Gold transportation routes will remain mainly unchanged in the short run, passing from Europe to Asia.
Keywords: gold, gold flows, demand, supply
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