This paper discusses the dependence of gold futures prices on macro risk factors using a multiple linear regression model. Recently introduced uncertainty indexes such as geopolitical risk index and economic policy uncertainty index are included in this study. We also examine the investment nature of gold futures contract among other assets. The results provide insights on the influence of these interrelated macro economic variables on a financial derivative contract in an emerging economy and its unique position in portfolio allocation and are aimed to help practitioners and policy makers.

中文翻译：

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分析国家特定宏观风险变量对黄金期货合约及其资产类别地位的影响：来自印度的证据

本文使用多元线性回归模型讨论了黄金期货价格对宏观风险因素的依赖性。近期引入的地缘政治风险指数、经济政策不确定性指数等不确定性指标纳入本研究。我们还研究了黄金期货合约在其他资产中的投资性质。结果提供了有关这些相互关联的宏观经济变量对新兴经济体中的金融衍生品合约的影响及其在投资组合配置中的独特地位的见解，旨在帮助从业者和政策制定者。