Prediction and analysis of gold prices

Abstract

It aims to forecast the price of gold using time series analysis techniques. The main objective of this study is to predict the future prices of gold so that investors can make informed decisions about buying and selling gold. Inventory forecasting plays a crucial role in the financial success of a business, and forecasting the prices of gold can be particularly challenging due to its volatility and dependence on a variety of economic and geopolitical factors. We have utilized various time series models such as Exponential smoothing and Auto Regressive Integrated Moving Average (ARIMA) to analyse historical gold price data and generate forecasts. We have also conducted an exploratory data analysis (EDA) to identify any trends or patterns in the data and to assess the stationarity of the time series. Overall, the study demonstrates the usefulness of time series analysis techniques in predicting the price of gold and can be a valuable resource for investors and financial analysts.