As a special commodity, gold possesses multiple features: as commodity, currency and hedging instrument. Its currency and hedging features are well manifested during the first stage of this financial crisis since 2007. However, the hedging feature of gold was hardly discussed before. The above...

In this paper, the global financial crisis which began in 2007 is divided into four stages by the switching of the leverages between financial system and governments. Gold, as one of the most important reverse calibration variables for global macro cycles, has switched its pricing models four...

Purpose – This study aims to propose the idea of which macro-factors and how the macro-factors impact on the gold price. Design/methodology/approach – An EGARCH model is applied to test the volatility of gold price. A VAR method is applied to validate the idea by decomposing gold's value...

Purpose– This study aims to propose the idea of which macro-factors and how the macro-factors impact on the gold price. Design/methodology/approach– An EGARCH model is applied to test the volatility of gold price. A VAR method is applied to validate the idea by decomposing gold's value into...