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An Empircal Study On The Affecting Facts Of China’s Gold Future Price

Posted on:2018-04-17Degree:MasterType:Thesis
Country:ChinaCandidate:Y Y ZhangFull Text:PDF
GTID:2359330518977272Subject:Finance
Abstract/Summary:PDF Full Text Request
In the environment of today’s global economy , The development of a country’s gold future not only affects its correlation with the use of gold futures and the use of gold-futures swaps to secure stability in the stability of the risk-stability business. And it’s also about financial investors taking advantage of gold futures to make profits. It also influences the development of the world’s financial economy. But yields and risks come together. Investors gain benefits from the gold futures market, the company is using the gold futures market as a guarantee of a period of protection and a country borrows from the gold futures market as a result of its economic development. At the same time ,the risks of price change in the gold futures market are closely accompanied. There’s need to study and analyze the price of the gold future.So investors, companies and countries benefit from the researches. On January 9, 2008, China officially launched a gold futures contract in the Shanghai futures exchange , which has a dual property and financial double-attribute. This is the new height of china’s gold market, and the new heights of china’s financial sector, which has been favored by markets.This article summarizes the theories and the researches of gold futures and the market to get the affecting facts: Gold Price, SSE,Dow Jones Indexes, US dollar exchange rate , Oil Price and CPI. The article uses the monthly data from March 2011 to February 2017. The article uses the ADF Test, Cointegration Test, Granger Causality Test and impulse response function and variance decomposition analysis. In this paper,through correlation analysis,the factors of high correlation degree are analyzed separately.Because the spot price of gold has not passed the significance level, this paper examines the long-term equilibrium relationship between the gold futures price and the spot price.The results shows that SSE、Gold Price and Oil Price have a positive relationship with Gold Futures Price. DJI 、 US dollar exchange rate and CPI have a negative relationship with Gold Futures Price. Finally strive to achieve the exact precision of the price of gold futures in our country , to improve our gold futures market and promote our financial development, to promote the booming economy.
Keywords/Search Tags:gold futures price, affecting facts, variance decomposition
PDF Full Text Request
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