The objective of the study is to examine the long-term relationship between gold prices and KSE-100 index of the Karachi stock market Pakistan. For the foreign and domestic capital investors, it is assumed that the gold is the safest heaven for making investment. On the other handstock markets are considered highly volatile. This study uses monthly data of two hundred forty eight months from October 1993 to May 2014. Time-series data of both variables Karachi Stock Exchange 100 index (KSE-100) and gold prices have been collected from the official website of Karachi stock market and Forex.com. To achieve the aims of the study, several econometric tests have been applied such as unit root test by using Augmented Dickey-Fuller test, Johnson Co-integration test and Vector Auto-regressive Model (VAR). This study finds that there is no long-run relationship between KSE 100 index and gold prices. It is concluded investors should not consider KSE 100 index and gold prices as close alternatives rather they should make their decisions on subjective knowledge by aligning them with empirical evidence. While making decisions about gold prices last month’s price must be taken into consideration because current gold price is significantly influenced by last month’s gold price. Whilst making decision regarding KSE 100 index last two months’ fluctuations taken into consideration.

/pdf/impact-of-gold-prices-on-stock-exchange-market-a-case-of-2yofhtjzs8.pdf

Impact of gold prices on stock exchange market: a case of Karachi stock exchange market of Pakistan

The impact of the multiple currency system on the performance of the stock market in Zimbabwe

The price of gold ETFs on the COMEX market in the USA is influenced by both domestic and international economic and political factors. In our study, we focus on domestic economic variables as key drivers of gold ETF prices, using the Newey-West estimator to assess their impact, particularly in the presence of significant autocorrelation. Our analysis of domestic determinants over the past 15 years revealed noteworthy insights. CPI, the US dollar exchange rate, interest rates, and crude oil prices negatively affect gold prices. However, the 30-year fixed mortgage rate and the U.S. Economic Policy Uncertainty index had a positive impact. Gold remains a safe haven in times of economic uncertainty, but our model displayed some weaknesses with strong positive autocorrelation and heteroscedasticity in residuals. To address these issues, we constructed an alternative model, focusing on the most recent five years. Since 2017, we've observed a shift where inflation and interest rates no longer significantly affect gold prices. Recent interest rate hikes and high inflation had minimal impact, especially during stock market declines. Gold does not appear to act as a hedge against bear markets as it did during the Global Financial Crisis; instead, the US dollar may fulfill this role. Given the unprecedented economic disruptions caused by the Covid-19 pandemic, further research is needed to explore the effects of domestic financial and economic KPIs on gold prices and their interconnections and spillover effects.

Economic and Financial Determinants of Gold ETF Price Volatility on the U.S. Futures Market (COMEX)

Evaluating Technical Efficiency of Insurance Firms Operating in Jordan and Palestine

Purpose: The current study aimed to test the impact of two religious months on the return behaviour of the gold market in Pakistan under informational efficiency hypothesis i.e. to empirically test the semi-strong form of EMH in gold market for religious calendar anomaly.
Methodology: Weekly gold prices in rupees per one gram that prevailed in Pakistan for the period January 2007 till December 2015 were selected, summing up to 468 observations. Data was taken from World Gold Council and the Bullion-rate database. Event methodology was employed for capturing and analyzing the pre and post event reactions by calculating abnormal returns. Furthermore, average security return variability was employed for robustness check. 
Main Findings: Opposing results were achieved for both the lunar calendar occurrences where the gold market is inefficient for the month of Ramazan but is found efficient in Muharram's case concluding into mixed evidence and findings.
Implications/Applications: The contribution of this study differs from previous gold studies in two aspects; first the research investigated the effect of Ramazan and Muharram as Islamic calendar events, and second is that gold market prices of Pakistan that had not been examined earlier. So this study is adding to the literature in the sense of examining the new relationship in Pakistan.
Novelty/Originality of this study: Extensive literature can be found about the global gold market that tested the weak form efficiency, but empirical evidence related to the semi-strong form efficiency of the gold market in Pakistan is not available neither the calendar anomaly related to the gold market is available. The dynamics of this very highly valuable and volatile asset market require investigation of such type.

Semi-strong form efficiency of gold market: collective rationalisation and islamic calendar anomaly

In recent years sharp increase in gold prices has been witnessed. Since gold has many functions, it provides macroeconomic safety and is used as a hedge against inflation. It is therefore important to know the determinants of gold price in Pakistan. The aim of this study is to analyze the effects of inflation, stock price, international gold price, rupees per dollar exchange rate, international oil price and income on domestic gold price. Due to frequent fluctuations in gold prices monthly time series data for the period 2000 to 2012 is used in the study. Using GMM, the effects of macroeconomic variables on gold price is empirically examined in Pakistan. GMM results show that inflation, international gold price, international oil price and income have a statistically significant positive impact, while stock price and exchange rate have a statistically significant negative impact on gold prices in Pakistan. The results drawn from this study are useful for financial analysts, policy makers and investors in analyzing the effect of determinants of gold price and accordingly making policy and investment decisions.

Impact of Macroeconomic Factors upon Gold Prices in Pakistan

Increasing banks' efficiency may help boost the country's economic activity. This study aims to focus on the Pakistani bank’s technical efficiency over the period 2014 to 2019. The study adopts the non-parametric estimation technique based on the output-oriented CCR model to measure banks' technical efficiency scores. The obtained results revealed that the six banks from 30 that remain technically efficient in the sample period from 2014-2019 were Bank Alfalah Ltd, CITI Bank NA Pakistan, Habib Metropolitan Bank Ltd, Industrial Development Bank, MCB Bank Ltd and Samba Bank Ltd. So, other banks should follow the efficient utilization of resources as these banks are utilizing and set as a benchmark of Technical Efficiency. From the results of GMM, it is concluded that the firm-specific determinants that have a significant negative effect on technical efficiency in the case of Pakistan are leverage. In contrast, profitability and solvency have a significant positive impact on the technical efficiency of banks. However, bank size and liquidity are found to be insignificant. Among the macroeconomic variables, GDP has a significant positive impact, whereas interest rate and regulatory quality have a significant negative effect on the technical efficiency of banks in Pakistan. However, political stability was found to be insignificant. The findings of this study have important policy implications for regulators and managers by focusing on the minimal utilization of input and by maximizing output through better management of resources like fixed assets, labor, operating expenses, deposits, and equity. To maximize the outcomes of the banks that are an investment, net profit, loans, other earning assets, and non-interest income, banks can maximize their technical efficiency. Secondly, the banking efficiency could also be enhanced through firm-specific and macroeconomic variables.

Assessing the Determinants of Efficiency: An Empirical Evidence from Developing Economy

Natural Language Processing is a branch of AI that aims to assist the machine in deciphering natural language. We can implement this Artificial Intelligence to assist Real Intelligence where people of determination need it. A vast amount of potential can be reached in NLP to help people with impairments. NLP has both a negative and positive role in the lives of the disabled, but correct implementation can advance recent work to improve the future. This paper talks about the role of natural language processing in the lives of people of determination. It suggests a model that could most likely be the tool that hearing, and visually impaired people need, to keep up with abled people. It also mentions the negative side of NLP in the lives of people of determination and social biases. Possible faults can arise during implementation that has been addressed along with other work from authors. A system must understand natural language to proceed and implement it, which is a difficult task due to the many complexities of natural language. However, once implemented, NLP can be used as a tool in many areas of life, from aiding the disabled to allowing diverse people to communicate easily.

Role of Natural Language Processing in Improving Lives of Disabled

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Impact of Macroeconomic Factors upon Gold Prices in Pakistan

Assessing the Determinants of Efficiency: An Empirical Evidence from Developing Economy

Role of Natural Language Processing in Improving Lives of Disabled