预览加载中，请您耐心等待几秒...

CME黄金期货价格对中国黄金现货价格传导机制研究.docx

预览
1/3
2/3
3/3

在线预览结束，喜欢就下载吧，查找使用更方便

下载提示 文本预览

如果您无法下载资料，请参考说明：

1、部分资料下载需要金币，请确保您的账户上有足够的金币

2、已购买过的文档，再次下载不重复扣费

3、资料包下载后请先用软件解压，在使用对应软件打开

CME黄金期货价格对中国黄金现货价格传导机制研究 Abstract Goldhasbeenutilizedforvariouspurposessinceancienttimes,andovertheyears,ithasbecomeacrucialmetalforinvestmentpurposes.Chinaistheleadinggold-consumingcountryglobally.Therefore,understandingthepricingmechanismsofgoldfuturesandspotpricesareessential. Theaimofthispaperistostudythemechanismofgoldfuturespricestransmissiononspotprices,focusingontheCOMEXgoldfuturestradedontheNewYorkMercantileExchange(NYMEX)andtheShanghaiGoldExchange(SGE)spotprices.Theresearchwillutilizequantitativeresearchmethodstoanalyzethedatacollectedonthetwoexchangeplatforms. ThestudywillrevealthatthegoldfuturesandspotpricestransmissionmechanismbetweenSGEandCOMEXisasymmetric.ThegoldfuturesonCOMEXhasanimmediatepriceimpactonSGE'sspotprices,unlikethegoldspotpricesonSGE,whichhavealimitedimpactonCOMEX’sgoldfuturesprices.Furthermore,China'sdemandandsupplydynamics,tradingvolume,andinvestorbehaviorplayasubstantialroleinthemechanismoftransmission. TheresultsofthisstudywillprovideadeeperunderstandingofthepricingmechanismsofgoldfuturesandspotpricesinChina,andthefindingswillbenefitpolicymakers,investors,andstakeholdersinthegoldmarket. Introduction Goldisapreciousmetalutilizedforvariouspurposessuchasjewelry,industry,andinvestment.Thecontinuousgrowthoftheworld'seconomyandpopulationhastriggeredanincreaseindemandforgold.China,acountrywiththeworld'slargestpopulation,istheleadinggoldconsumerwithagrowingmiddleclassandahighsavingrate.Goldpricediscoveryhasattainedglobalimportanceandhasbeenreshapedthroughthedevelopmentofmodernfinancialmarkets.ThespotandfuturespricesplayanessentialroleinChina'sgoldtrade. TheCOMEXgoldfuturestradingontheNYMEXexchangeintheUnitedStateshasthemostsignificantimpactontheSGE'sspotpricesinChina.Therefore,thisstudyaimstoinvestigatethemechanismofgoldfuturespricestransmissiononspotprices,focusingonCOMEXgoldfuturesandSGEspotprices. Methodology Thisstudywillutilizequantitativeresearchmethodstoanalyzethedatacollectedonbothexchangeplatforms.Theresearchwillcollectdailyclosingpr