islamic Occasions Effect on Gold Price Index and Gold Future Market Trading Volume

Abstract

The study examines the effect of a number of happy and sad Islamic Occasions on the gold price index and gold futures market trading volume in a daily time series from 2013 to 2017 by using linear regression analysis in two steps; with the entering dummy variables of holy-days and then adding global gold price and exchange rate variables. Research findings show that, after controlling the effect of the global gold price and the exchange rate, a number of happy and sad Islamic Occasions show a significant relationship between the gold price index and futures market trading volume, but cannot attribute this directional behavior as a general rule to a total of Islamic Occasions. In other words, there is no unusual trend in cultural events on the price of gold and the futures market trading volume, and the thinking of calendar anomalies according to Islamic Occasions content does not endorse.

Keywords

• islamic occasions
• gold future market
• gold price
• stock market total index
• trading volume