| Paper Reference | Objective (s) | Variables considered | Findings/Conclusion/Implications of interest/relevance for current study |
| Macroeconomic Variables and Stock Price: New Evidence from Iran [12] | to understand how gold price is influenced by stock market | Gold Price and stock market | The causal relationship among stock prices and gold price is developed in developing countries |
| Relationships among Oil Price, Gold Price, Exchange Rate and International Stock Markets [14] | To study the relationship between prices of oil and gold, exchange rate and equity markets of Taiwan, China, Japan, United State (US) and Germany | Gold price, Oil prices, exchange rate and equity markets | It was found that there exist long-run cointegration among all variables in each country except for UST. The findings supported that there exist bidirectional relationship between crude oil, gold and Taiwan stock market. |
| Causal relationship between gold price and S & P CNX NIFTY―An empirical study in Indian context. [16] | investigated the relationship between gold prices and the stock indices | Gold prices and Stock indices | The results revealed causal relationship between gold prices and stock index (S & P CNX NIFTY) of NSE of India |
| Dynamics between strategic commodities and financial variables. [22] | the influence of Indian stock market index (Sensex and Nifty) on Indian gold price or the relationship between Indian gold price and Indian stock market index (Sensex and Nifty) | Gold prices and crude oil prices, sensex and Nifty | the results revealed that gold price in India was increased during the study period because of stock market reaction in India along with other macro-economic factors |
| A study on impact of select factors on the price of Gold [24] | To study the relationship between gold price, dollar value and crude oil price | Dollar value, Gold price and crude oil price | The results revealed that an increase in gold price will result in decrease in the Dollar value, Gold price and crude oil price |
| Study on dynamic relationship among gold price, oil price, exchange rate and stock market returns [25] | To study the relationship between Gold price, stock returns, Exchange rate and Oil price | Gold price, Stock returns, exchange rate, oil price | From the time series analysis it was found that the relationship among these variables showed that Exchange rate is highly affected by stock returns, Exchange rate and Oil price. |