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A study on gold price performance relation among the countries of US, India, Canada and Australia
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The study depends on the secondary data for sixteen years 2003 to 2018 of percentage of performance of Gold prices among the countries like America, Australia, Canada and India.

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A study on gold price performance relation among the countries of US, India, Canada and Australia

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  1. International Journal of Management (IJM)
    Volume 11, Issue 1, January 2020, pp. 138–144, Article ID: IJM_11_01_014
    Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=1
    Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510

    © IAEME Publication Scopus Indexed

    A STUDY ON GOLD PRICE PERFORMANCE
    RELATION AMONG THE COUNTRIES OF US,
    INDIA, CANADA AND AUSTRALIA
    Dr. Rajalakshmi.K
    Head of the Department,
    Department of Commerce (Accounting & Finance)
    Shri SSS Jain College for Women, Tamilnadu, Chennai, India

    ABSTRACT
    The Study of different forms of Investment plays a major role in economic
    Investments. Among the economic Investments Gold also plays a major role in certain
    countries. Gold is one of the precious yellow metals in the world and one of the major
    investment options by many of the countries. Many of the Countries prefer various
    sources of Investment opportunities, but the countries like India prefer Gold as best
    source of investments compared to the other avenues. Like the up trends and down
    trends in the stock market Gold markets also have its own performance of price hike
    or down or standard. Moreover there is always preference for Gold as an option to
    invest by Indian investors and also due to the essential need for certain events. The
    study depends on the secondary data for sixteen years 2003 to 2018 of percentage of
    performance of Gold prices among the countries like America, Australia, Canada and
    India. The study is done on casual research basis to know is there any relation
    between the said countries with the performance of price rate of Gold. It is found that
    there is statistically significant relation between US and India also among Australia
    and India in Gold price fluctuations.
    Keywords: Gold, Safe heaven, USD (US Dollar), AUD (Australian Dollar), CAD
    (Canadian Dollars), INR (Indian Rupee), Gold Price.
    Cite this Article: Dr. Rajalakshmi.K, A Study on Gold Price Performance Relation
    among the Countries of US, India, Canada and Australia, International Journal of
    Management (IJM), 11 (1), 2020, pp. 138–144.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=1

    1. INTRODUCTION
    Among the various investment avenues like share market, Real estates, Insurance, Bank
    deposits and others, Gold plays a most important role in the consumer market that impacts the
    reserves all over the country. At times when equity falls, gold acts as a form of insurance to
    buy; therefore Gold is viewed as a stock market hedge. With the latest shot in Trump’s trade
    war, the stock market falling hard has given a way to think of buying some kind of ‘safe

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  2. Dr. Rajalakshmi.K

    heaven’. In fact, what Gold does is very little and it does not even rust. While other assets
    performing well, this would have underperformed. This is because rather to grow it, Gold is a
    form of asset to store value, in the form of Jewelry to the people, coin or reserves by the banks
    and apex bank. Adrian Ash, the director of research at Bullion Vault, the online leader for
    private investors in physical precious metals analyzed and started investing in Gold since
    2001, especially for physical gold and silver utilized by private investors online. They
    launched in 2005 after two years of development in Information technology and could able to
    store 2 billion in US $ of Gold, Silver, Platinum and other precious metals.

    2. NEED OF THE STUDY
    The metals like Diamond, Platinum, Gold, Silver plays an important role in consumer market
    and also impacts the stock market fluctuations. Gold is one of the precious metals among
    other metals in the world and there is always high demand for such commodities in certain
    countries.

    3. OBJECTIVE OF THE STUDY
     To study the performance relation of Gold price among countries like Australia with India,
    Canada and United States.
     To study the performance relation of Gold price among countries like United States with
    India, Canada and Australia.
     To Study the performance relation of Gold price among countries like Canada with Australia,
    United States and India.
     To Study the performance of Gold price among countries like India with United States,
    Australia and Canada.

    4. RESEARCH METHODOLOGY
    4.1. Data Collection
    The data collected is used as casual research to come across the quantitative relation between
    price performance of Gold from three different countries and the study completely depends
    only on Secondary source of information like Internet, Journals, and books.

    4.2. Research Tools
    Hypothesis I:
    H0: There is no significant relationship between Gold Price Performance in countries like
    Australia with India, Canada and United States.
    Hypothesis II:
    H0: There is no significant relationship between Gold Price Performance in countries like
    United States with India, Canada and Australia.
    Hypothesis III:
    H0: There is no significant relationship between Gold Price Performance in Canada with
    Australia, United States and India.
    Hypothesis IV:
    H0: There is no significant relationship between Gold Price Performance in countries like
    India with United States, Australia and Canada.

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  3. A Study on Gold Price Performance Relation among the Countries of US, India, Canada and Australia

    4.3. Tools and Technique
    Comparative analysis with three different countries has been done with the parameters mean,
    standard deviation and correlation. Further the study is done to analyse the performance of
    Gold price between India, Australia, Canada and US countries. Statistical package for the
    analysis of quantitative data using correlation, mean and standard deviation is used for the
    study.

    5. REVIEW OF LITERATURE
    The Hindu Business Line (2011), According to the study by Dubai Chamber of Commerce
    and Industry, a study was conducted based on (DMCC) Dubai Multi commodities centre and
    it interprets that the increased use of Gold in making Jewelry in growing markets such as
    India and China has pushed the prices of Yellow metal.
    Ram sahgal(July 3, 2017), There was a huge confusion over the old gold rates exchange
    for the new ornaments they had a burden of 3% GST on gold and 5% on their making
    charges. Their confusion did not affect with buying new jeweler which attracts 3%. While
    purchasing a new gold it charges 3% so they exchange their old gold and buy new which they
    have to pay reverse 3% to the government.
    Surendra Mehta (August 2, 2017), the demand of the gold is definitely considered while
    fixing the rates. As there is 1% excise duty and 1.2% VAT and 10% customs duty which
    comes to 12.43%. so here the jewelry comes to 3.24% that is the win for gold jewelers.
    Dr.Sindhu (2013) conducted a study on impact of select factors on the price of Gold and
    found that the factors like US dollar value, crude oil prices, repo rate and inflation all impacts
    the price fluctuations of gold price.
    The Hindu Business Line (2011), the world health estimates that jewelry and investment
    demand from the Asian countries represented about 40 percent of the total global demand in
    2010, this gives the expectation of demand for Gold to get raised.
    World Gold council (2018), Indian jewelry saw a sharp fall downturn in first quarter
    falling 12% y-o-y to 87.7t and that was the third weakest quarter for ten years in India’s
    jewelry market as a rupee magnified the rise in US gold price at international level.
    Janitha.M.L and Madhushree H.G, a study conducted on impact of GST on Gold sector
    and found that though Gold price a bit hike in India doesn’t have a greater impact on sale and
    purchase of gold, in continuous with the fondness towards precious yellow metals by the
    Indians.

    6. CAUSES THAT AFFECTS THE PRICES OF GOLD IN INDIA
     The International scenario of Gold price fluctuations make it clear that gold acts as a Safe
    heaven.
     Fluctuations in currency holdings due to demonetization and fluctuations in currency rates.
     The application of demand and Supply mechanics affecting the quantity of Gold mined in a
    year.
     People swing their minds to invest in Gold or other form of assets, whenever the performance
    in financial markets is unfavorable or weak,.
     Comparatively Gold is preferred much better than the other form of assets as the volatile
    behavior of stock market impacts in Gold price.
     Unstable Price level of Gold is also caused by the rising inflation and the interest rates of RBI.
     Migration of People from rural to urban cities and increase in the standard of Living of people
    also acts the hidden factor.
     Tax systems, customs and Festival beliefs also acts as the factors of price fluctuations in Gold
    price level.

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  4. Dr. Rajalakshmi.K

     Demand for Gold as a reserves and hedge against inflation and intention of profit based on the
    upcoming trends.

    7. ANALYSIS AND INTERPRETATION
    The analysis includes Pearson’s correlation among the four preferred countries and simple
    Trend with Graphical representation for different consecutive years.

    150

    100

    50 INR
    CAD
    AUD
    0 USD
    1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

    -50

    -100

    Figure 1
    The Figure 1 interprets the relation between annual price performance in countries like
    India, Canada, Australia and US in the Gold price performance rate.

    7.1. Correlation Analysis of Gold Price Performance in Australia with India, US
    and Canada
    Table 1
    Mean Standard
    INR USD CAD
    deviation
    Pearson
    0.706** 0.483 0.851**
    Correlation
    AUD =7.3250 AUD=12.51769
    AUD Sig. (2-
    0.001 0.058 0.000
    tailed)
    N 16 16 16

    **. Correlation is significant at the 0.01 level (2-tailed).
    The table 1 clearly shows that P>0.01 and therefore the null hypothesis with no significant
    relationship between Gold Price Performance in Australian Country and US country is
    accepted and therefore there is insignificant relationship between Gold Price Performance in
    Australian Country and US country. It also shows that there is significant relationship

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  5. A Study on Gold Price Performance Relation among the Countries of US, India, Canada and Australia

    between Gold price performance in Australian Country with that of Indian Country and
    Canadian Country.
    7.2. Correlation Analysis of Gold Price Performance in United States with India,
    Australia and Canada
    Table 2
    Mean Standard
    INR AUD CAD
    deviation
    Pearson
    0.768** 0.483 0.634**
    Correlation
    AUD =9.4062 AUD=15.71804
    USD Sig. (2-
    0.001 0.058 0.008
    tailed)
    N 16 16 16
    **. Correlation is significant at the 0.01 level (2-tailed).
    The table 2 clearly shows that P>0.01 and therefore the null hypothesis with no significant
    relationship between Gold Price Performance in US Country and Australian country is
    accepted and therefore there is insignificant relationship between Gold Price Performance in
    US Country and Australian country. It also shows that there is significant relationship
    between Gold price performance in US Country with that of Indian Country and Canadian
    Country.

    7.3. Correlation Analysis of Gold Price Performance in Canada with India,
    Australia and United States
    Table 3
    Mean Standard
    INR AUD USD
    deviation
    Pearson
    0.816** 0.851** 0.634**
    Correlation
    CAD =7.9125 CAD=12.31784
    CAD Sig. (2-
    0.000 0.000 0.008
    tailed)
    N 16 16 16
    **. Correlation is significant at the 0.01 level (2-tailed).
    The table 3 clearly shows that P>0.01 and therefore the null hypothesis with no significant
    relationship between Gold Price Performance in US Country and Australian country is
    rejected and therefore there is significant relationship between Gold Price Performance in
    Canadian Country with Indian, US and Australian country.

    7.4. Correlation Analysis of Gold Price Performance in India with United States,
    Australia and Canada
    Table 4
    Mean Standard
    USD AUD CAD
    deviation
    Pearson
    0.768** 0.706** 0.816**
    Correlation
    INR =11.7813 INR=13.38876
    INR Sig. (2-
    0.001 0.002 0.000
    tailed)
    N 16 16 16
    **. Correlation is significant at the 0.01 level (2-tailed).

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  6. Dr. Rajalakshmi.K

    The table 4 clearly shows that P>0.01 and therefore the null hypothesis with no significant
    relationship between Gold Price Performance in Indian Country with US, Australian country
    and Canadian country is rejected and therefore there is significant relationship between Gold
    Price Performance in India with that of US Country and Australian country and Canadian
    country.

    8. FINDINGS
    The study clearly depicts that there is a relation with the performance of price fluctuation of
    Gold in US with Indian and Canadian country. There is a relation in price fluctuation of Gold
    in Australian with Indian and Canadian countries. The Study also interprets that there is
    relation in price fluctuation in India with US, Canada and Australian countries. Though the
    investors differs in their Geographical regions, culture, attitude, tastes and preferences, life
    styles, Food habits, behavior and their perceptions the study finds that there is some relation
    between those countries that impacts the performance of such price levels. The study also
    interprets that there is an insignificant relation between the performance of price fluctuation of
    Gold in Australian and United States countries.

    9. CONCLUSION
    The Customers are heterogeneous in on various aspects and there might meager uniformity in
    their preferences. While Gold is viewed as a best investment avenue by many of the countries
    like US, Australia and other countries, it is an auspicious preferred yellow metal by certain
    countries like India, Malaysia and many other Asian countries. From the study it can be
    concluded that though investors vary on geographical, customs and life styles there are some
    relation among these counties as there is a rise and fall in the Gold prices. Further research is
    also recommended as to the hidden factors that impacts the preference of Gold prices in
    different seasons among different countries.

    REFERENCES
    [1] The Hind Business Line, “Jewellery investment demand pushing Gold prices: Study”
    Dubai, July 2017.

    [2] Dr. Sindhu, “A Study on impact of select factors on the price of Gold”, IOSR Journal of
    business and management, march-april 2013, pp:84-93.

    [3] Ram sahgal, Confusion over tax on gold exchange, 2017

    [4] World Gold council “Gold Demand Trends Q1 2018” www.ft.com/content/a9070f24-
    39a3-11e8-8b98-2f31af407cc8

    [5] Dr. K. Rajalakshmi, “A study of Gold Price Performance relation among US, India and
    Australia”, Knowledge Economy, Peer reviewed half yearly Journal, Vol.8, Issue 16,
    2018, pp:16-21

    [6] Surendra Mehta, 3% GST on gold: The yellow metal will continue to shine; jewelers
    rejoice, 2017

    [7] Janitha. M.L and Madhushree H.G, “A Study on Impact of Goods And Services Tax on
    Gold Sector”, IOSR Journal of Business and Management, pp:01-03

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  7. A Study on Gold Price Performance Relation among the Countries of US, India, Canada and Australia

    [8] E. Priyadarshini and Dr. A. Chandra Babu, An Analysis of Stability of Trends in Gold
    Prices Using Fractal Dimension Index (FDI) Computed From Hurst Exponents,
    International Journal of Management (IJM), 1 (2), 2010, pp. 9–13.

    [9] www.gold.org

    [10] www.investopedia.comwww.wickipedia.com

    [11] www.bseindia.com

    [12] www.moneycontrol.com

    [13] www.goldprice.org

    http://www.iaeme.com/IJM/index.asp 144 editor@iaeme.com

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