HOW GLOBAL GOLD PRICES INTERACT WITH MACROECONOMIC VARIABLES (1973–2025)?

Abstract This study examines the factors influencing gold prices within a comprehensive framework encompassing macroeconomic, financial, real, and geopolitical factors. By utilizing the Autoregressive Distributed Lag (ARDL) model and the Unrestricted Error Correction Model (UECM), the analysis captures both short-term dynamics and long-term equilibrium relationships. Robustness of the findings is ensured through various methods such as bounds testing, Granger causality, impulse response function