Int
ern
at
i
onal
Journ
al of Ele
ctrical
an
d
Co
mput
er
En
gin
eeri
ng
(IJ
E
C
E)
Vo
l.
9
, No
.
5
,
Octo
ber
201
9
, pp.
4296
~
43
01
IS
S
N:
20
88
-
8708
,
DOI: 10
.11
591/
ijece
.
v
9
i
5
.
pp4296
-
43
01
4296
Journ
al h
om
e
page
:
http:
//
ia
es
core
.c
om/
journa
ls
/i
ndex.
ph
p/IJECE
The usage o
f g
old
and the invest
ment an
alys
i
s
based on
gold rat
e in India
Vanith
a
S
.
, Sa
ravanak
umar
K
.
Depa
rtment
o
f
C
om
pute
r,
CHRIS
T
(Dee
m
ed
to
be
Univer
sit
y
)
,
Ind
ia
Art
ic
le
In
f
o
ABSTR
A
CT
Art
ic
le
history:
Re
cei
ved
Feb
11
, 201
9
Re
vised
A
pr
14
, 2
01
9
Accepte
d
Apr
1
5
, 201
9
Gold
is
one
of
th
e
m
ai
n
comm
odit
ie
s
wher
e
th
e
cu
stom
ers
inve
st
th
ei
r
m
on
e
y
compara
ti
v
ely
with
bank
for
bet
t
er
intere
st
.
I
n
the
Indi
an
co
nte
xt
p
eople
purc
hase
gold
fo
r
the
ir
chi
ldr
en’
s
m
arr
ia
ges
for
l
a
te
r
per
iod.
The
i
nvestment
in
gold
is
better
suits
for
ea
s
y
co
nver
sion
int
o
m
one
y
wi
th
qui
ck
est
poss
ibl
e
ti
m
e
from
the
b
ank
and
gold
m
erc
han
ts.
Th
e
ap
pre
ciati
on
or
d
e
pre
ciati
on
of
gold
base
d
on
o
the
r
inve
stm
ent
opt
ions
li
k
e
f
ixed
deposit,
provi
dent
fun
d
,
int
ern
at
ion
al
cru
de
oil
price,
stoc
k
m
ark
et
,
m
utual
fund
e
tc.
Th
e
c
om
par
at
ive
ana
l
y
sis
of
gold
with
othe
r
inve
s
tment
opti
ons
give
an
edge
to
th
e
customer
to
cl
e
arly
und
er
stand
the
inv
est
m
ent
pat
t
ern
fo
r
the
ir
h
ard
-
e
a
r
ned
m
one
y
expe
c
te
d
to
g
ive
good
ret
urns
in t
he
futur
e.
Ke
yw
or
d
s
:
Appreci
at
ion
Com
m
od
it
y
Go
l
d reser
ve
Investm
ent
Pu
rity
Stock m
ark
et
Copyright
©
201
9
Instit
ut
e
o
f Ad
vanc
ed
Engi
n
ee
r
ing
and
S
cienc
e
.
Al
l
rights re
serv
ed
.
Corres
pond
in
g
Aut
h
or
:
Van
it
ha
S
.,
Dep
a
rtm
e
nt o
f C
om
pu
te
r
Scie
nce,
CHRIST
(Dee
m
ed
to
be Un
i
ver
sit
y),
Ho
s
ur Mai
n R
oad, B
hav
a
ni
Nag
a
r, S.
G. Pa
ly
a, Beng
al
uru, Ka
rn
at
a
ka 560
029, I
ndia
.
Em
a
il
:
van
issp
s@g
m
ai
l.com
1.
INTROD
U
CTION
Fr
om
the
early
2600
BC
onw
ard
s
gold
ha
s
been
m
ined
in
Egy
pt
an
d
la
t
er
in
the
oth
e
r
pa
rt
s
of
t
he
world
to
o.
Althou
gh
t
he
biggest
m
ark
et
for
gold
on
the
planet
is
owne
d
by
I
ndia
and
China.
Aroun
d
30
00
ton
s
of
gold
produce
d
in
t
he
world
out
of
w
hich
750
-
80
0
ton
s
are
im
po
rt
ed
to
India.
T
he
reason
be
hind
th
e
hik
e
in
t
he
rate
of
gold
is
a
pparen
tl
y
due
to
i
ts
a
m
azi
ng
us
a
ge
an
d
it
’s
a
ve
ry
rar
e
m
et
al
t
o
fi
nd
t
oo.
T
he
re
are
al
so
fe
w
m
or
e
oth
e
r
m
otives
for
the
i
ntensi
ficat
ion
of
pri
ce.
To
e
xtract
[
1]
a
sm
all
a
m
ount
of
go
l
d
a
la
rg
e
r
a
m
ou
nt
of
g
old
or
e
c
ou
l
d
be
us
e
d;
al
ong
w
it
h
lot
of
hum
a
n
resou
rces
i
nvol
ved
with
it
.
If
the
ore
is
of
lo
we
r
rati
ng
in
qual
it
y
on
ly
5
gram
s
of
go
l
d
can
be
extracte
d
f
r
om
a
la
rg
e
ton
of
ore.
As
m
a
tt
er
of
fact
this
m
et
a
l
can
be
stret
c
ha
ble,
s
pongy
a
nd
ca
n
be
m
ou
l
ded
in
to
di
ff
e
r
ent
[
2]
s
hap
es
easi
ly
.
It
bec
om
es
ver
y
flexi
ble,
s
o
oth
e
r
m
et
al
s
c
an
be
a
dd
e
d
t
o
m
ake
us
e
fu
l
ornam
ents
an
d
this
valua
bl
e
com
m
od
it
y
is
us
e
d
f
or
va
rio
us
pur
po
ses
al
l
over
the
w
or
l
d.
It
has
a
decen
t
cat
ho
de
of
po
wer
an
d
wa
rm
t
h.
A
dd
it
io
nally
,
it
has
a
capac
it
y
to
pr
ese
r
ve
thr
ough
a
ny
atm
os
ph
e
re;
that
wo
n'
t
get
influ
e
nced
by
m
oistness,
ai
r,
or
m
os
t
dan
ge
r
ous
or
destr
uctive ele
m
ents. I
t i
s t
he best i
ns
ta
nce
f
or the
reli
able
m
at
erial
s.
“
E
v
e
n
i
f
t
h
e
r
e
i
s
d
e
f
e
c
t
i
n
G
o
l
d
i
t
’
s
q
u
a
l
i
t
y
,
w
o
r
t
h
a
n
d
n
a
t
u
r
e
w
o
n
’
t
c
h
a
n
g
e
;
b
u
t
G
o
l
d
i
s
G
o
l
d
”
s
a
y
s
t
h
e
p
o
e
t
.
G
o
l
d
i
s
u
t
i
l
i
z
e
d
i
n
mu
l
t
i
p
l
e
f
i
e
l
d
s
l
i
k
e
f
i
n
a
n
c
i
a
l
t
r
a
d
e
,
me
c
h
a
n
i
c
a
l
p
u
r
p
o
s
e
s
,
b
u
s
i
n
e
s
s
,
s
c
i
e
n
c
e
,
d
e
n
t
i
s
t
r
y
a
n
d
h
a
r
d
w
a
r
e
.
I
n
s
o
me
c
a
s
e
s
,
i
t
i
s
b
e
i
n
g
u
s
e
d
f
o
r
c
o
n
s
u
mp
t
i
o
n
t
o
g
e
t
t
h
e
b
e
a
u
t
y
i
n
t
h
e
i
r
b
o
d
y.
Hu
m
an
ps
yc
h
e
c
onsiders
gold
as
t
he
m
os
t
sensuou
s
m
et
al
desired
a
nd
fasci
nated
for
its
beau
ty
.
G
e
o
f
f
r
e
y
C
h
a
u
c
c
e
r
s
a
y
s
“
If
go
l
d
r
us
ts,
[
3]
wh
at
the
n
can
iro
n
do
?
”
.
G
ol
d
won
’t
get
ta
rn
is
hed
qu
ic
kl
y,
bu
t
with
ra
re
aci
d.
The
best
care
giv
e
n
to
gold
m
akes
it
to
be
a
la
sti
ng
one,
that
is
an
ot
her
reas
on
w
hy
bo
t
h
consum
ers
an
d desig
ners co
ve
rt to
this m
et
a
l.
Howe
ver
,
th
ere ar
e als
o
som
e o
ther way
s to
inv
e
st o
nce
wealt
h;
al
ong wit
h
ca
pi
ta
li
zi
ng
on gol
d
on
e
can
also
cred
it
on the
ba
nk to sa
fe
gua
rd an
d
t
o
inc
re
ase the
pro
fit.
Evaluation Warning : The document was created with Spire.PDF for Python.
In
t J
Elec
&
C
om
p
En
g
IS
S
N:
20
88
-
8708
Th
e
usage
of gold a
nd
the i
nv
est
men
t
analys
is b
as
ed
on g
old
r
ate in
Ind
i
a
(
Van
it
ha
S.
)
4297
2.
GOLD
M
E
ASURE
MENT
METHO
D
Pr
act
ic
al
ly
,
“Fi
nen
e
ss
of
gold
is
assigned
in
kar
at
s,"
gol
d
can
be
re
fine
d
to
purifie
d
into
m
axi
m
u
m
999
[
4]
puriti
es
le
vel
and
it
is
m
easur
ed
i
n
par
ts
pe
r
th
ous
and
;
a
nd
wh
ic
h
is
ordina
rily
conde
ns
e
d
with
"kt"
or
"
K.
"
T
hus,
the
virt
ue
of
gold
is
est
im
at
e
d
in
as
pect
of
kar
at
.
To
dec
ide
the
le
vel
of
gold
i
n
any
bit
of
ornam
ents,
bas
ic
al
ly
isolat
e
t
he
kar
at
c
onte
nt
by
24
a
nd
i
ncr
ease
by
10
0.
Alon
g
t
hese
li
nes,
18kt
is
750g
un
a
dult
erated
(
18
/
24
x
100)
or
75
pe
rce
nt
go
l
d.
Howe
ver,
f
or
j
ewell
ery
pur
po
se
s,
it
ha
s
to
b
e
mi
x
e
d
w
i
t
h
ma
n
y
o
t
h
e
r
me
t
a
l
s
t
o
blen
d
t
o m
ake it
m
or
e f
le
xib
le
, dura
ble and
us
ef
ul
one.
F
o
r
t
h
e
p
a
s
t
f
e
w
y
e
a
r
s
g
o
l
d
p
r
i
c
e
r
e
ma
i
n
s
s
t
a
b
l
e
;
h
e
n
c
e
t
r
a
d
i
n
g
,
b
u
y
i
n
g
a
n
d
i
n
v
e
s
t
me
n
t
h
a
s
r
e
s
u
r
f
a
c
e
d
i
n
v
e
s
t
o
r
s
a
n
d
c
u
s
t
o
me
r
s
’
i
n
t
e
r
e
s
t
s
t
o
w
a
r
d
s
o
t
h
e
r
i
n
v
e
s
t
me
n
t
o
p
t
i
o
n
s
.
T
h
e
a
i
m
o
f
t
h
i
s
p
a
p
e
r
i
s
t
o
f
o
r
e
s
e
e
t
h
e
g
o
l
d
p
a
t
t
e
r
n
v
a
l
u
e
a
n
d
u
s
a
b
i
l
i
t
y
o
f
g
o
l
d
w
a
r
e
i
n
t
o
d
i
f
f
e
r
e
n
t
ye
a
r
s
a
n
d
i
t
c
a
n
g
i
v
e
t
h
e
i
d
e
a
t
o
t
h
e
c
u
s
t
o
m
e
r
s
t
o
l
o
o
k
f
o
r
t
h
e
s
a
f
e
i
n
v
e
s
t
me
n
t
o
p
t
i
o
n
s
.
T
h
e
me
t
h
o
d
u
s
e
d
h
e
r
e
f
o
r
t
h
e
p
r
e
d
i
c
t
i
o
n
i
s
b
a
s
e
d
o
n
h
yp
o
t
h
e
s
i
s
t
h
a
t
i
s
t
h
e
r
e
i
s
a
s
t
r
o
n
g
r
e
l
a
t
i
o
n
s
h
i
p
b
e
t
w
e
e
n
c
u
r
r
e
n
t
p
r
i
c
e
v
a
l
u
e
a
n
d
p
r
e
v
i
o
u
s
y
e
a
r
’
s
v
a
l
u
e
.
U
s
i
n
g
t
h
i
s
me
t
h
o
d
f
o
l
l
o
w
i
n
g
F
ig
u
r
e
1
s
h
o
w
s
t
h
e
a
c
t
u
a
l
r
a
t
e
a
n
d
t
h
e
a
s
s
u
me
d
r
a
t
e
.
Figure
1.
G
old
rates cha
rt
3.
INV
ET
I
NG O
N
G
OLD
Fr
om
the
ancient
days
the
value
of
the
pr
eci
ou
s
m
et
al
re
m
ai
ns
[5
]
high
in
-
s
pite
of
the
e
conom
ic
and
fina
ncial
crisi
s
at
diff
ere
nt
pe
rio
d
.
From
the
past
few
ye
a
rs
value
of
c
urre
ncy
is
fluctuati
ng
base
d
on
the
foreig
n
exc
hange
m
ark
et
,
crude
oil
pr
ic
e
an
d
inflat
io
n;
li
kew
ise
,
gold
rat
e
al
so
is
instable
.
The
[6
]
inve
stors
or
c
us
t
om
ers
are
at
gr
eat
er
risk
of
in
vesti
ng
or
buyi
ng
it
.
S
i
n
c
e
a
rou
nd
t
he
gl
ob
e
Go
l
d
is
co
ns
id
ered
a
s
es
sentia
l
f
or
the
c
or
e
a
nd
it
is
co
ns
i
der
e
d
as
l
i
q
u
i
d
a
s
s
e
t
,
s
o
t
h
e
co
m
m
ercial
e
x
c
h
a
n
g
e
i
s
v
e
r
y
s
i
mp
l
e
.
Th
us
,
it
is
us
ed
widely
as
p
r
e
c
i
o
u
s
me
t
a
l
t
h
e
r
e
f
o
r
e
;
p
r
e
d
i
c
t
i
o
n
o
n
g
o
l
d
i
s
g
r
e
a
t
h
e
l
p
f
o
r
p
l
a
n
n
i
n
g
a
n
d
i
mp
l
e
me
n
t
i
n
g
t
h
e
f
u
t
u
r
e
i
n
v
e
s
t
me
n
t
u
p
s
h
o
t
.
B
y
p
r
e
d
i
c
t
i
n
g
t
h
e
r
a
t
e
o
f
g
o
l
d
i
s
n
o
t
o
n
l
y
t
o
g
i
v
e
h
o
p
e
t
o
t
h
e
p
e
o
p
l
e
a
l
s
o
t
o
s
a
f
e
g
u
a
r
d
t
h
e
mo
n
e
y
a
t
t
h
i
s
s
c
e
n
a
r
i
o
a
s
i
t
s
v
a
l
u
e
is
f
l
u
c
t
u
a
t
i
n
g
d
r
a
s
t
i
c
a
l
l
y
.
F
o
r
ma
n
y
c
o
mp
a
n
i
e
s
t
h
e
s
e
b
o
t
h
u
n
i
t
s
a
r
e
t
r
a
d
e
d
a
s
s
t
o
c
k
,
a
n
d
a
l
w
a
ys
p
r
e
d
i
c
t
i
o
n
o
f
t
h
e
s
t
o
c
k
i
s
b
i
t
c
h
a
l
l
e
n
g
i
ng
p
r
o
b
l
e
m
a
s
i
t
i
s
n
o
n
-
t
r
i
v
i
a
l
d
u
e
t
o
i
t
s
n
o
n
-
l
i
n
e
a
r
i
t
y
.
Co
ns
e
qu
e
ntly
,
stoc
khol
der
s
will
de
vo
te
i
n
this
t
o
sh
ie
ld
from
the
po
li
ti
cal
,
m
on
et
ary
exp
a
ns
i
on
a
nd
so
ci
al
fiasco
.
Ca
pital
iz
ing
in
go
l
d
is
be
ne
vole
nt
be
cause
t
her
e
is
no
“c
rop
ro
ta
ti
on
fluctu
at
ion
i
n
the
m
ark
et
”.
Ther
e
fore,
al
ong
with
the
m
ulti
-
natio
nal
com
pan
ie
s’
in
div
id
ua
l
per
s
ons
al
s
o
i
nvest
ed
in
gold
reserves.
Me
an
wh
il
e,
this
pr
e
ci
ou
s
m
et
a
l
ha
s
bec
om
e
m
or
e
li
ke
c
urren
cy
su
c
h
that
the
gove
rnm
ent
even
is
e
xp
ect
e
d
to
inc
r
ease
the
gold
r
eserv
e
.
Norm
a
ll
y
[7
]
ind
i
viduals
s
ur
m
ise
that
the
adv
a
ntage
of
gold is
it
w
il
l he
lp in
t
he
tr
oubl
esom
e o
ccasi
ons as
t
he
re is
hi
gh
li
quidit
y c
ontr
ol.
So
m
et
i
m
es,
based
on
t
he
po
l
ic
y
of
the
gove
rn
m
ent
and
gold
regulat
ion
bodies
the
pri
ce
of
G
ol
d
swings
on
dai
ly
[8
]
basis.
Howe
ver,
est
im
at
ing
m
on
thl
y
go
ld
rates
’
r
ise
and
decli
ne
can
assist
finan
ci
al
sp
eci
al
ist
s
to
de
ci
de
w
he
n
to
purc
hase
or
offer
t
hese
products.
Historica
ll
y
besides
ot
he
r
m
od
e
of
pa
ym
ent
go
l
d
is
us
ed
f
or
aux
il
ia
ry
trad
e
transacti
ons
world
wide
.
In
this
m
od
er
n
scenari
o,
central banks
of
al
l
cou
nt
ries
ho
l
d
the
e
xpen
sive
m
et
a
ls
to
assure
re
-
paym
ent
of
f
or
ei
gn
deb
ts
,
re
gu
la
te
s
inflat
io
n
an
d
ref
le
ct
s
the
fin
ancial
stren
gth
t
oo.
T
he
re
duced
thi
ckn
e
ss
[
9]
of
a
ll
oyed
gold
is
require
d
to
ha
ve
a
m
or
e
note
worthy
ho
l
ding
sc
op
e
than
t
he
ordin
ary
al
loye
d
m
et
al
li
zation
in
the
ar
rangem
e
nt
of
ultraso
ni
c
al
um
inu
m
wire
bonds
.
F
or
an
y
pros
pecti
ve
bu
ye
r
of
gold,
it
is
i
m
per
at
ive
to
com
pr
ehe
nd
wh
at
fa
ct
ors
in
flue
nce
the
rat
es
of
go
l
d
s
o
they
can
foresee w
it
h
gr
eat
er
accu
racy,
the p
at
te
r
ns
in
the r
at
es
a
nd
a
ccordin
gly
ha
ve
the
ca
pacit
y
to g
ui
de
a
ve
nt
ur
e
to
a
su
pe
rio
r
be
ne
fit.
It
is
no
t
on
ly
the
in
ves
tors,
resear
che
rs
al
so
hav
e
a
keen
i
nterest
in
unde
rstan
di
ng
t
he
bu
si
ness
of
gold
with
t
he
go
al
t
hat
a
c
oncrete
st
ud
y
a
nd
preci
se
for
ec
ast
by
us
in
g
diff
e
re
nt
m
et
hods
.
In
si
gh
t
fu
l
rese
arch
es
and
stu
dies
hav
e
b
ee
n forecast
ed
to d
et
erm
ine the
ra
te
.
Evaluation Warning : The document was created with Spire.PDF for Python.
IS
S
N
:
2088
-
8708
In
t J
Elec
&
C
om
p
En
g,
V
ol.
9
, N
o.
5
,
Oct
ober
201
9
:
4296
-
4301
4298
4.
FAC
T
ORS
A
FFECTI
NG GOLD
PRIC
E
The
num
ber
of
people
us
i
ng
go
l
d
are
inc
rea
sing
in
m
od
e
rn
tim
es
becau
se
of
inc
reasin
g
popula
ti
on,
m
arr
ia
ges,
a
nd
beau
ti
ficat
ion
process
an
d
in
vestm
ent
op
ti
on
.
The
pr
ic
e
of
the
go
ld
gra
dual
ly
increasin
g
wh
e
n
we
com
par
e
with
the
old
e
n
tim
es.
No
r
m
al
l
y
pr
ic
e
will
increase
w
hen
the
dem
and
is
high
an
d
pr
ic
e
com
par
at
ively
dec
reases
w
he
n
t
he
dem
and
is
le
ss
.
T
o
m
easur
e
de
pe
nd
a
bili
ty
and
[10]
ef
ficacy
of
local
ou
t
dated
gilde
d
recove
ry
m
eth
od
f
or
j
ewell
e
ry
row
an
d
to
r
egu
la
te
if
the
tradit
io
nal
(sm
a
ll
scal
e)
pr
ogre
ssion
is
able
to
yi
eld
a
hi
gh
e
r
pe
r
centage
of
gold
purity
from
the
j
e
well
ery
scrap
as
c
om
par
ed
t
o
t
he
m
ode
r
n
proce
dures.
The follo
wing
reasons
are:
-
Inf
la
tio
n
:
Ma
ny
inv
e
stors
li
ke
to
ho
l
d
gol
d
rat
her
tha
n
currency
du
e
t
o
the
var
ia
ti
on
of
t
he
val
ue
of
m
on
ey
. A
s a
c
on
s
eq
ue
nce, w
hen the
[
11
]
c
ust
om
ers
wan
t t
o bu
y
gold
f
or
their
us
age
the
rate m
ay
g
o
hi
gh.
-
Glob
al
M
ov
e
ment
:
V
uln
e
ra
bili
ty
of
trade
rates
am
on
g
re
al
m
on
et
ary
fir
m
s
is
the
central
reason
f
or
gold
value
fluct
uation.
India
bein
g
on
e
of
the
m
ajo
r
im
po
rters
of
gold
gets
affe
ct
ed
im
m
ediat
el
y
wh
e
ne
ve
r
there is a
n u
ndertakin
g
i
n
the
values
of the
c
oin
a
ge
in
the
wor
l
d.
-
Governme
nt
gold reser
ves
:
The price s
urg
es unex
pecte
dly every ti
m
e th
e gov
e
rn
m
ent d
eci
de
d
to
r
ese
r
ve
m
or
e g
ol
d
f
or t
heir
as
sist
ance.
-
Festive
se
ason
s:
At
the
tim
e
of
fe
sti
val
and
weddin
g
seas
on
s
t
he
pro
por
ti
on
of
buyi
ng
go
ld
is
s
hoot
up
sinc
e c
on
s
um
e
rs
c
ount
rise.
-
Int
eres
t
ra
te
trends
:
Dem
and
for
gold
int
ensifies
w
he
n
the
interest
rates
and
fi
nan
ci
al
pr
od
uct
of
t
he
bank
a
nd
fina
nc
ia
l i
ns
ti
tuti
on
s
is lo
w.
-
St
oc
k
mar
ket
:
Wh
en
a
n
econom
y
un
derg
oes
slo
wdo
wn
in
stock
m
ar
ket
bondholde
rs
extract
the
i
r
ho
l
dings
f
ro
m
stocks
a
nd
in
ve
sti
ng
their
sa
vi
ng
s
in
gol
d
unti
l
the
econom
y
rev
ives.
T
hu
s,
it
is
pr
ov
e
d
that
go
l
d has
bee
n a so
ur
ce
of
ve
nt
ur
e
for
sec
uri
ti
es.
-
Prod
uctio
n
co
sts:
When
the
producti
on
co
st
of
the
go
l
d
grows
m
iners
[12]
sel
l
go
ld
for
hi
gh
ra
te
t
o
pr
ese
r
ve
the
pr
of
it
s.
O
n
the
of
f
cha
nce
t
hat
the
e
xp
e
ns
e
of
m
ining
s
urpass
es
the
pr
ese
nt
world
c
os
t
for
the
m
et
al
,
the
m
ine
will
be
com
pelle
d
to
m
od
e
r
at
e
it
s
creati
on
or
suspe
nd
it
inco
nclu
sively
un
ti
l
the
point
that
the
cost
of
gold
trips
[
13]
su
ff
i
ci
e
ntly
hig
h
to
ena
ble
a
ben
efit
to
be
m
ade
at
t
hat
sp
eci
fic
m
ine.
F
o
r
e
s
e
e
i
n
g
t
h
e
[
1
4
]
Go
l
d
c
a
n
b
e
d
o
n
e
t
h
r
o
u
g
h
ma
n
y
mo
d
e
l
s
s
u
c
h
a
s
ma
t
h
e
ma
t
i
c
a
l
,
s
t
a
t
i
s
t
i
c
a
l
,
c
o
r
r
e
l
a
t
i
o
n
,
r
a
n
d
o
m
t
h
e
o
r
y
e
t
c
.
5.
FLUCT
UA
TI
ON
I
N GOL
D
RATE
Ov
e
r
the
tim
e
there
has
bee
n
a
hypot
he
ti
cal
[15]
ex
pe
rim
e
ntal
associat
io
n
betwee
n
go
l
d
a
nd
ot
her
m
ajo
r
c
os
tl
y
it
e
m
s.
So
m
e
stud
ie
s
ha
ve
proved
that
fi
xed
a
nd
posit
ive
co
rr
el
at
ion
bet
we
en
gold
a
nd
U
nited
Stat
es
D
ollar.
On
e
pe
rce
nt
c
hange
in
US
ge
ner
al
pri
ce
le
vel
groun
ds
on
e
pe
rcen
t
inten
sific
at
ion
i
n
pri
ce
of
go
l
d,
s
o
gold
c
an
be
re
ga
rd
e
d
as
lo
ng
-
te
rm
i
nf
la
ti
on
[
16]
he
dg
i
ng
to
ol.
T
her
e
is
a
str
ong
relat
ion
s
hip
be
twe
e
n
the
pri
ce
of
G
old
,
Sil
ver
a
nd
Crude
oil.
S
udde
n
e
ven
ts
i
m
pact
the
long
-
te
rm
relat
ion
sh
ip
bu
t
the
re
i
s
a
slow
rev
e
rsing
pr
oc
ess.
I
n
the
s
hor
t
-
run,
t
her
e
a
re
sever
al
fact
or
s
that
sign
ific
a
nt
ly
[1
7]
influ
e
nc
e
the
pr
ic
e
of
go
l
d:
US
in
flat
ion
a
nd
it
s
vola
ti
li
t
y;
cred
it
risk
has
a
posit
ive
eff
ect
on
the
pr
ic
e
of
gol
d.
The
n
agai
n,
higher
fina
ncin
g
co
sts
are
gen
e
rall
y
adm
inist
rati
ve
te
chn
i
qu
e
a
nswer
t
o
hi
gh
i
nc
rem
ent
so
li
d
with
the
hea
din
g
of
pro
gr
ess
of
gold c
os
t.
Fig
ur
e
2
s
hows
the
f
lu
ct
uation
i
n g
old
rate
.
Figure
2
.
Fluct
uation i
n g
old r
at
e
Evaluation Warning : The document was created with Spire.PDF for Python.
In
t J
Elec
&
C
om
p
En
g
IS
S
N:
20
88
-
8708
Th
e
usage
of gold a
nd
the i
nv
est
men
t
analys
is b
as
ed
on g
old
r
ate in
Ind
i
a
(
Van
it
ha
S.
)
4299
5.1.
G
old
and sil
ve
r
Ap
a
rt
f
r
om
the
eco
nom
ic
fu
ndam
ental
s
that
dr
i
ve
the
p
rice of
gold;
ex
per
i
entia
l
stud
y
ex
a
m
ines
gol
d
and
sil
ve
r
ha
ve
ver
ifia
bly
bee
n
viewe
d
as
cl
os
e
substi
tutes
for
each
ot
her,
bo
t
h
bein
g
val
uab
le
m
et
al
s
that
can
be
util
iz
ed
ba
ck
as
m
on
ey
.
Ther
e
is
sig
nificant
proof
that
these
m
et
al
s
can
assu
m
e
a
helpf
ul
j
ob
i
n
diff
e
re
ntia
ti
ng
hazar
d,
an
d
i
n
ad
diti
on
[
18
]
bein
g
a
n
a
ppe
al
ing
i
nterest
i
n
t
hei
r
own
ri
gh
t,
in
this
m
ann
e
r,
on
e
m
ay
exp
e
ct
that
the
co
sts
sh
are
com
par
at
ive
el
em
ents.
Fi
gure
3
sh
ows
t
he
Gold
an
d
sil
ve
r
rate
.
Af
te
r
e
ff
ect
i
ve
researc
h
it
’s
f
ound
that
the
r
e
is
sign
ific
a
nt
rela
ti
on
s
hip
be
tween
go
l
d
a
nd
sil
ver
.
The
too
ls
us
e
d
are
c
orr
el
at
ion
,
re
gr
e
s
sion
a
nd
A
N
OVA.
T
he
opti
on
al
goal
of
this
paper
is
to
dem
on
stra
te
the
connecti
on am
ong g
old
a
nd si
lver
i
n ware
a
dverti
se.
5.2.
Go
ld
and
oil
Go
l
d
has
em
erg
ed
[19]
to
be
seco
nd
la
r
ges
t
i
m
po
rted
c
omm
od
it
y
after
cru
de
oil.
G
o
l
d
a
n
d
o
i
l
h
a
v
e
d
i
s
t
i
n
c
t
c
h
a
r
a
c
t
e
r
i
s
t
i
c
s
e
v
e
n
t
h
o
u
g
h
i
t
c
o
me
s
f
r
o
m
[
2
0
]
g
r
o
u
n
d
.
T
h
e
p
r
i
c
e
o
f
c
r
u
d
e
o
i
l
i
s
a
n
o
t
h
e
r
s
i
g
n
i
f
i
c
a
n
t
f
a
c
t
o
r
f
o
r
d
e
t
e
r
mi
n
i
n
g
o
t
h
e
r
p
r
e
c
i
o
u
s
me
t
a
l
s
’
p
r
i
c
e
.
S
i
n
c
e
i
t
i
s
a
l
s
o
u
s
e
d
i
n
a
w
i
d
e
r
a
n
g
e
t
o
ma
k
e
o
t
h
e
r
s
u
p
p
l
i
e
s
a
s
w
e
l
l
;
s
u
c
h
a
s
t
o
p
r
o
d
u
c
e
f
u
e
l
f
o
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4
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Evaluation Warning : The document was created with Spire.PDF for Python.
IS
S
N
:
2088
-
8708
In
t J
Elec
&
C
om
p
En
g,
V
ol.
9
, N
o.
5
,
Oct
ober
201
9
:
4296
-
4301
4300
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Table
1.
Ba
nk
interest
rate
Du
ration
2012
2013
2014
2015
2016
2017
2018
7
d
ay
s
to
90
d
ay
s
7
.0
7
.50
5
.0
5
.25
5
.50
5
.25
5
.75
91
d
ay
s
to
180
d
ay
s
7
.3
7
.50
7
.0
6
.75
6
.75
6
.25
6
.25
180
d
ay
s
to
210
d
a
y
s
7
.5
7
.0
7
.25
7
.0
7
.0
6
.25
6
.40
211
d
ay
s
to
less
th
an
1
y
ea
r
9
.0
7
.50
7
.50
7
.25
6
.90
6
.25
6
.70
1
y
ear
to
less
th
an
2
y
ears
9
.0
9
.0
8
.75
7
.50
6
.95
6
.25
6
.75
2
y
ears
to
less
th
an
3
y
ea
rs
9
.0
9
.0
8
.75
7
.50
6
.85
6
.25
6
.85
3
y
ears
to
less
th
an
5
y
ea
rs
8
.5
9
.0
8
.75
7
.0
6
.50
6
.0
6
.85
7.
CONCL
US
I
O
N
Since
the
earli
est
of
tim
e
Go
ld
is
the
natur
al
res
ource;
consi
der
e
d
as
the
m
os
t
po
pu
la
r
m
ineral.
The
c
olor
of
the
pure
gold
i
s
bri
ght
golde
n
ye
ll
ow.
Go
l
d
nugget
is
usual
ly
70
to
95
pe
rcen
t
gold,
and
the
rem
ind
er
m
os
tl
y
are
sil
ver
and
co
pp
e
r;
bu
t
the
gr
eat
e
r
the
sil
ver
co
ntent,
the
w
hiter
it
s
c
olor
is.
The
m
a
in
aim
and
i
ntentio
n
of
this
resea
rch
is
to
pr
e
dict
th
e
rate
of
gold
i
n
nea
r
f
uture.
Few
pap
e
rs
ha
ve
pro
ve
d
that
go
l
d
rate
can
be
pr
ophesie
d
de
pe
nd
i
ng
on
t
he
p
re
vious
value
as
sho
wn
in
F
ig
ure
1
.
A
dded
to
that
this
pa
pe
r
i
m
ple
m
ents
a
new
m
et
ho
d
that
there
is
a
par
ti
al
relat
iveness
bet
ween
go
l
d,
sil
ver
a
nd
cr
ud
e
oil
wh
ic
h
is
sh
ow
n
in
F
ig
ure
3
an
d
Figur
e
4.
Fu
tu
re
stu
dy
can
show
the
stud
y
of
ba
nk
intere
st
vs
inv
est
in
g
on
gold
to
sh
ow t
he bett
er
inv
e
stm
ent. S
ince m
any b
el
ie
ve
that
G
old
is
on
e
of t
he
m
ain
in
vestm
ent opti
ons
.
ACKN
OWLE
DGE
MENTS
I
e
xten
d
m
y
si
ncer
e
tha
nk
s
to
the
Alm
igh
ty
for
His
guid
ance
to
sel
ect
the
to
pic
an
d
helping
m
e
t
o
com
plete
the
research.
I
am
gr
at
efu
l
to
t
he
Vice
-
Cha
ncell
or
F
r.
T
hom
as
C.
Ma
tt
hew
CHRIST
(
Deem
ed
to
be
Un
i
ver
sit
y)
f
or
his
insp
i
rati
on
to
wards
re
search
a
nd
im
plem
enting
new
ideas
f
or
the
bette
rm
ent
of
the
stud
e
nts
in
t
he
colle
ge.
W
it
h
gr
at
it
ude
I
sal
ute
the
Hea
d
of
the
De
par
tm
ent
of
Com
pu
t
er
Scie
nc
e
P
rof.
J
oy
Paulus,
al
l
the
te
achers
a
nd
m
y
fell
ow
st
ud
e
nts
w
ho
ha
ve
helpe
d
m
e
in
one
or
th
e
ot
her
way.
I
al
so
t
ha
nk
i
n
adv
a
nce all
t
hose who wil
l
be spe
nd
i
ng tim
e to corr
ect
an
d do the
proces
s
to h
el
p publi
sh t
his
pap
e
r.
REFERE
NCE
S
[1]
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As
y
iki
n
Za
in
al
,
Zur
ia
ni
Mus
ta
ffa
,
"
De
vel
oping
A
Gold
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e
Predi
ctive
Ana
l
y
s
is
Us
ing
Gre
y
W
ol
f
Optimize
r
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201
6
IEEE
S
tude
nt
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renc
e
on
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ese
arch
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opment
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sia
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i
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age
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ss
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"
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rnational
Confe
renc
e
on
E
le
c
tric
al
,
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e
ct
ro
nic
s,
and
Optimi
zation
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iqu
es
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ICEE
OT
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i
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_Ch
au
ce
r
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l
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rnational
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nfe
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tworks
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l
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ti,
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y
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in
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n
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ti
v
e
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ch
nique
s
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th
Inte
rnational
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nfe
renc
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on
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are
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e
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zz
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t J
Elec
&
C
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p
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88
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8708
Th
e
usage
of gold a
nd
the i
nv
est
men
t
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as
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old
r
ate in
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i
a
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ar
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t
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il
ver
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aj
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is
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el
a
ti
onship
be
twee
n
Gold
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Sil
ver
with
Spec
ial
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ren
ce
to
the
Nati
ona
l
L
eve
l
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m
odit
y
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a
,"
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nte
rnational
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rnal
on
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c
ent
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atio
n
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ric
e
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"
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rnational
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urnal
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an
c
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ese
arch
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e
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ark
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sted
bank
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an
empiric
al
assess
m
ent
of
ho
w
th
e
two
stoc
ks
–
N
PA
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share
are
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ated,
"
IOS
R
Journal
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htt
ps://
ww
w.goo
gle
.
co.in/
sea
r
ch
?E
i=
i
c6e
w4xan
ig
k
y
aph5pr
w
cg&
q
=wha
t+is+the+u
se+of
+de
posi
ti
n
g+mone
y
+i
n+
the
+b
ank&
oq=w
hat
+i
s
+t
he
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posi
t
ing+m
one
y
+in+th
e+bank&
gs_l=ps
y
-
ab.
3.
.
0i71k1
l8.
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0.
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58990
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0.
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bovnjhjpks
8
BIOGR
AP
H
I
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OF
A
UTH
ORS
Van
it
ha
S
,
MC
A,
De
par
tm
e
nt
of
Com
pu
te
r
Scie
nce,
CH
RIST
(
Deem
e
d
to
be
U
niv
e
r
sit
y),
Be
ng
al
uru,
Ka
rn
at
a
ka,
India
Sara
van
a
kum
a
r
K
,
Departm
e
nt of C
om
pu
te
r
Science,
CHR
IS
T
(Deem
ed
to
be Un
i
ver
sit
y),
Be
ng
al
uru,
Ka
rn
at
a
ka,
India
Evaluation Warning : The document was created with Spire.PDF for Python.