Asynchronous market efficiency in gold and silver markets: a local currency lens

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dc.check.date2028-05-14
dc.contributor.authorH.M.U., Rana
dc.contributor.authorO'Connor, Fergal
dc.contributor.authorYerushalm, Erez
dc.contributor.authorKim, Jae H.
dc.date.accessioned2026-05-14T12:00:02Z
dc.date.available2026-05-14T12:00:02Z
dc.date.issued2026-05-13
dc.description.abstractThis study examines the Adaptive Market Hypothesis (AMH) in locally denominated precious metals markets across six countries, where prior research has focused on U.S. dollardenominated prices. Using linear and nonlinear methods: the Automatic Portmanteau, Wild Bootstrap Automatic Variance Ratio, and Generalised Spectral tests, we analyse the evolving efficiency of these markets over time. Our findings reveal that market inefficiencies fluctuate, driven by factors such as regulatory controls, cultural dynamics, and market structure. These inefficiencies create predictable trading opportunities, particularly in the gold-Swiss sector, and underscore the importance of localised portfolio risk management strategies.en
dc.description.versionAccepted Version
dc.format.extent13
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid110172
dc.identifier.authororcidH.M.U., Rana
dc.identifier.authororcidO'Connor, Fergal§0000-0002-2877-8098
dc.identifier.authororcidYerushalm, Erez
dc.identifier.authororcidKim, Jae H.
dc.identifier.citationH.M.U., R, O'Connor, F, Yerushalm, E & Kim, J H 2026, 'Asynchronous market efficiency in gold and silver markets: a local currency lens', Finance Research Letters.
dc.identifier.issn1544-6123
dc.identifier.journaltitleFinance Research Letters
dc.identifier.urihttps://hdl.handle.net/10468/18760
dc.language.isoen
dc.publisherElsevier Ltd
dc.rights© 2026, Elsevier Inc. All rights are reserved, including those for text and data mining, AI training, and similar technologies. This manuscript version is made available under the CC BY-NC-ND 4.0 license.
dc.rights.accessrightsembargoed access
dc.rights.licensenameAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.statusPeer reviewed
dc.subjectAdaptive markets hypothesis
dc.subjectLocal currencies
dc.subjectAsynchronous efficiency
dc.subjectPrecious metals
dc.subject[Business]
dc.subject[CUBS]
dc.titleAsynchronous market efficiency in gold and silver markets: a local currency lensen
dc.typeArticle (peer-reviewed)
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