Dynamic Characteristics And Influencing Factors Analysis Of Gold Spot Price

At present,China's gold spot has entered the mass market for more than ten years.As a mental with currency attribute,financial attribute,and commodity attribute,gold has received extensive attention from both the official and the private.The spot price of gold began to fluctuate greatly after the opening of China's gold market.The vio lent fluctuation of the gold price is not conducive to the stable control of the gold spot.On the one hand,it is easy to cause risks and losses for investors.Therefore,in order to control the stable operation of the gold market,it is very important to study the change law of the gold price.This paper takes Shanghai AU9999 gold as the representative to study the dynamic characteristics and influencing factors of China's gold spot price operation process.Considering that gold price may have different fluctuation characteristics and different influencing factors in different periods,this paper analyzes its dynamic characteristics based on complex network methods,and analyzes its complex network indicators through visualization algorithms.At the same t ime,the principal component analysis is used to study the influence of different factors on the spot price of gold.Furtherly,based on the results of community division of complex networks for the gold spot price,the differences in the influence mechanism of each factor are analyzed under different communities.The empirical results show that the price of the gold spot price in China at a certain point in time does not exceed four years,and has a strong positive impact.The gold spot price network has a small world characteristic,and the network community has a hierarchical structure,and the influencing factors in different periods have similarities.Principal component analysis shows that the international gold spot price dominates the spot price of gold in China in the long-term process.The oil price,RMB exchange rate and US dollar index have significant effects.The basic investment interest rate and inflation level are significant but with weak.During the different periods of change in the price of gold,the influence mechanism of each influencing factor,such as the positive and negative effects and the intensity of the impact,is different.Therefore,when measuring the fluctuation of gold prices,the period of gold change should be considered.