Identifying the modelling on Gold price using multiple linear Regression under Indian environment
Keywords: Multiple linear Regression, Forecasting Gold price, Residual analysis.
Abstract This Research paper explores how the price of gold will be influenced directly or indirectly by the price of crude oil, interest rates (repo rates), Indian currency prices in dollars, the Sensex (BSE), inflation rates, and the US dollar. Multivariate regression analysis refers to regression using a dependent variable and a number of independent variables. Forecasting is crucial to econometrics and aids in the creation of government policies that are optimum. Business decisions that depend on the cost of such goods might gain from reliable forecasting. We will quickly review the regression model's error mean squares, which will help us determine how well the model predicts the future .The data spans a large period of time and is accessible from the first of October 2000 to the first of August 2020. The statistical interpretations of these factors are used to create a forecast model for the gold price in India, which depends on six variables. The independent variables were the cost of crude oil, interest rates (repo rates), and the value of Indian rupee in US dollars, the Sensex (BSE), the rate of inflation, and the US dollar. The model passes many tests, including as Adjusted R Squared, with high favoring values, and the ANOVA test infers that the model is significant. In addition to Residual Analysis, which shows that the model is a good fit and acceptable, the model is passed as a perfect fit. The extended time period during which the data were collected and the absence of any missing values made the Regression model more favorable. Strong correlations between the gold price and the USD to INR, CPI, and Sensex values were found.
"Identifying the modelling on Gold price using multiple linear Regression under Indian environment ", IJSDR - International Journal of Scientific Development and Research (www.IJSDR.org), ISSN:2455-2631, Vol.8, Issue 10, page no.370 - 375, October-2023, Available :https://ijsdr.org/papers/IJSDR2310064.pdf
Volume 8
Issue 10,
October-2023
Pages : 370 - 375
Paper Reg. ID: IJSDR_208931
Published Paper Id: IJSDR2310064
Downloads: 000347331
Research Area: Science
Country: Nizamabad, Telangana , India
ISSN: 2455-2631 | IMPACT FACTOR: 9.15 Calculated By Google Scholar | ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.15 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: IJSDR(IJ Publication) Janvi Wave
