تاثیر جشن بر روی انتظارات و تغییرات قیمت طلا

Differentiating between two periods (1991–2002 and 2003–2014) with distinct gold price characteristics, we find that several festivals (among them, the three mentioned above) are connected with gold price changes in specific ways. We also find evidence of an end-of-year effect. This research contributes to the problem of understanding and forecasting gold prices.