Lawrence, C. (2003). Why is gold different from other assets?An empirical in estigation. World Gold Council , !".

#he st$dy is cond$cted for the p$rpose that is gold and its ret$rns are correlated with other financial asset also %n this st$dy a$thor tried to in estigate why gold is s$pposed to &e different asset from all other commodities what are the main reasons &ehind this arg$ment when we tal' a&o$t other commodities if s$ddenly the demand for any commodity rises and that demand is not satisfied &y ade($ate s$pply s$ddenly d$e to lac' of s$pply the price of that commodity will rise &$t in case of gold the prices not change d$e to instant demand. )old has some attri&$tes that differentiate it from other commodities. A$thor applied ario$s methods for collection of data. *es$lts are &ased on ($arterly data from +an$ary ,-." to /ecem&er 200,. *eal data was $sed in the analysis 01 )/2 growth rate was held constant at ,--0 prices 01 prod$cer price inde3 was $sed as pro3y for inflation. 4$arterly res$lts ha e &een ann$ali5ed. Apart from that correlation was also $sed in the analysis to chec' the relationship of different aria&les the second approach $sed in the analysis is 6A* ( ector a$to regressi e).the second method is $sed for identification of correlation of different aria&les across different time periods. 7or e3ample can last year8s change in inflation rate affect the price of gold in the c$rrent year? #his st$dy is related to my research topic &eca$se the pro&lem statement is more or less same with the change in some aria&les &oth the st$dies are &ased on what are the 'ey characteristics of gold that differentiate it from other assets.

9a$r, /. )., : L$cey, 9. ;. (200-). %s )old a <edge or a 1afe <a en?An Analysis of 1toc's, 9onds and )old. Financial Review , 2-.

%n this st$dy the a$thor tried to in estigate that is gold a hedge or safe hea en the term hedge or safe hea en means that when mar'et is in crash the ret$rns of gold are $naffected with those mar'et crashes or in estors cannot &ear any loss d$e to high crash in mar'et of inflation in the mar'et an asset that red$ces loss in $nsta&le conditions of mar'et is 'nown as hea en or di ersifier. /ata which is $sed in the analysis consists of daily prices of ;1C% stoc' and &ond 01 closing spot gold. All stoc' and &ond prices are in local c$rrency and are con erted into 9ritish c$rrency when necessary regression and correlation is also $sed to determine the relationship among gold prices and stoc', &ond prices. Correlation coefficient also indicates that there is a positi e relation in stoc' and gold prices. #his st$dy is related with my research paper &eca$se in this analysis a$thor tried to in estigate that which aria&les change gold prices what are the factors that deri e gold prices methodology is same % also $se correlation and regression.

;cCown, +. *., : =immerman, +. *. (200>). %s )old a =ero?9eta Asset? Analysis of the %n estment 2otential of. Meinders School of Business Oklahoma City University , 23. %n this st$dy a$thor in estigated that gold has the ret$rns same as treas$ry &ills ha e with no mar'et ris' and gold ha e the a&ility to hedge inflation it means when inflation rises gold prices also go $pwards in this st$dy sil er is also st$died and cond$cted that gold and sil er &oth ha e the same characteristics of hedging inflation. %n estment in gold has no symmetric ris' to in estors. )old has 5ero &eta in capital asset pricing model. /ata consists of month end spot prices from ,-.0 for comparison p$rpose and $se in the asset pricing model these data were $tili5ed 01 inflation, interest rate, ret$rns on 01 ;1C%. All the res$lts are &ased on capital asset pricing model.