Modeling and Forecasting of Gold Prices on Financial Markets
Rebecca Davis, Vincent Kofi Dedu, Freda Bonye

Abstract
Monthly adjusted close price of gold (112 observed prices) was used for the analysis. An ARMA model was fitted using the first 106 observed prices and the model was used for a 6-step-ahead forecast. The forecast values were then compared to the original corresponding prices. The actual values fell within the forecast limits; and (limits) widened with increasing lead time.

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