Abstract
Factors which have contributed to gold price fluctuation include the interaction between gold demand and supply, government intervention, uncertainty of the world political environment and global economic stability. Previously researchers looked at modeling the variation in gold price movements. Williams (1972) used a pure descriptive way to review the activities of the gold market during the period from 1968 to 1972, a time when great changes in gold prices occurred. He asserted that the private gold markets are relatively unstable, and that gold prices may show a rapid rise under conditions of crisis or acute uncertainty. In Williams' study, no precise relationship or functional forms were employed to explain the fluctuation of gold prices.
Published Version
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