Factors affecting Gold Bullion Price in Thailand

Abstract

The objectives of this research were to study the relationship and factors affecting toward gold bullion price in Thailand. The stepwise multiple linear regression analysis was used to analyze the monthly secondary data which collected in January 2007 to December 2016, totally 120 months. The research result found the 12 independent variables of studying, there were only 5 independent variables which effected to gold bullion price in Thailand. They could accurately explained at 99.9% of changing of gold bullion price, and regression model in equation as followed

               The independent variables which affected to gold bullion price were spot gold price (X₁), currency exchange rate between Thai baht and US dollar (X₂), Consumer Price Index in Thailand (X₃), Depreciation Rate (X₅) which moved on positive way to increase gold bullion price in Thailand with statistical significance at 0.01 and the policy interest rate of Bank of Thailand (X₇) which moved on negative way to increase gold bullion price in Thailand with statistical significance at 0.01.