An Analysis On The Influence Factors Of International Golden Price

As the former currency and the symbol of wealth,gold has an important significance in the history of human economic development.Its price change factors are also the research object for many scholars.In order to analyze the factors influencing the price of gold,three attributes of gold are analyzed in this paper firstly:commodity attribute,monetary attribute,and investment risk aversion attribute.Secondly,all factors influencing gold are analyzed by starting from these three attributes of gold.Moreover,these factors are roughly divided into the factors of macro-level and micro-level.Lastly,the selected variables for influencing gold are U.S.Dollar Index,U.S.Consumer Price Index,Dow Jones Industrial Average,WTI Index,U.S.Federal Interest Rate and Weighted Marshall K Value.Besides that,the empirical analysis model is established with the price of gold and the research is conducted by respectively establishing the VAR model of three stages.Ultimately,it is verified that no factors can generate the sustained significant influence to the gold price in all the stages;U.S.Dollar Index and U.S.CPI Index only generate significant influence to the price of gold in the first stage;the Federal Interest Rate only generate the significant influence to the price of gold in the third stage.While in the long run,petroleum prices,stock market and liquidity index won’t generated the direct significant influence to the price of gold.