87 
 
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91 
 
Appendix A 
 
 
ln
(G
ol
d 
P
ri
ce
)
Year
Month
201520142013201220112010200920082007
JanJanJanJanJanJanJanJanJan
11.0
10.8
10.6
10.4
10.2
10.0
9.8
 Monthly Gold Price 
 
 
Figure A1: Log value of monthly gold price 
  
 
 
Figure A2: Correlogram of  𝐷[𝐺𝑂𝐿𝐷 𝑃𝑅𝐼𝐶𝐸] 
92 
 
 
Figure A3: The histogram of residuals of 𝐷[𝐺𝑂𝐿𝐷 𝑃𝑅𝐼𝐶𝐸] 
 
 
 
Figure A4: Normal probability plot of residuals of 𝐷[𝐺𝑂𝐿𝐷 𝑃𝑅𝐼𝐶𝐸] 
 
 
93 
 
 
Figure A5: Correlogram of 𝐷[𝐿𝑛[𝐺𝑂𝐿𝐷 𝑃𝑅𝐼𝐶𝐸]]- Model 1 
 
 
 
Figure A6: Normal probability plot of residuals of 𝐷[𝐿𝑛[𝐺𝑂𝐿𝐷 𝑃𝑅𝐼𝐶𝐸]]-Model 1 
 
94 
 
Appendix B 
 
G
ol
d 
P
ri
ce
Year
Quarter
201520142013201220112010200920082007
Q1Q1Q1Q1Q1Q1Q1Q1Q1
60000
50000
40000
30000
20000
Time Series Plot of Quaterly Gold Price
 
Figure:B1 Time Series plot of quarterly gold price from 2007, January to 2015, 
December 
In
fl
at
io
n
 R
at
e
Year
Quarter
201520142013201220112010200920082007
Q1Q1Q1Q1Q1Q1Q1Q1Q1
25
20
15
10
5
0
Time Series Plot of Quarterly Inflation Rate
 
Figure:B2 Time Series plot of quarterly of inflation rate from 2007, January to 2015, 
December 
95 
 
E
xc
h
an
g
e 
R
at
e
Year
Quarter
201520142013201220112010200920082007
Q1Q1Q1Q1Q1Q1Q1Q1Q1
145
140
135
130
125
120
115
110
Time Series Plot of Quarterly Exchange Rate
 
Figure:B3 Time Series plot of quarter values of exchange rate from 2007, January to 
2015, December 
 
 
Figure:B4 Regression model results for quarterly values of three variables 
 
96 
 
Appendix C