Historically, gold had been used as a form of currency in various parts of the world including USA. In present times, precious metals like gold are held with central banks of all countries to guarantee re-payment of foreign debts, and also to control inflation which results in reflecting the financial strength of the country.
Forecasting rise and fall in the daily gold rates, can help investors to decide when to buy (or sell) the commodity.
Data for this study is collected from November 18th 2011 to January 1st 2019 from various sources. The data has 1718 rows in total and 80 columns in total. Data for attributes, such as Oil Price, Standard and Poor’s (S&P) 500 index, Dow Jones Index US Bond rates (10 years), Euro USD exchange rates, prices of precious metals Silver and Platinum and other metals such as Palladium and Rhodium, prices of US Dollar Index, Eldorado Gold Corporation and Gold Miners ETF were gathered.
RangeIndex: 2290 entries, 0 to 2289 Data columns (total 6 columns):
| h | Column | Non-Null Count | Dtype |
|---|---|---|---|
| 0 | Date | 2290 non-null | object |
| 1 | SPX | 2290 non-null | float64 |
| 2 | GLD | 2290 non-null | float64 |
| 3 | USO | 2290 non-null | float64 |
| 4 | SLV | 2290 non-null | float64 |
| 5 | EUR/USD | 2290 non-null | float64 |
dtypes: float64(5), object(1)
Original file is located at Google colab link