Low-Frequency Volatility in China’s Gold Futures Market and Its Macroeconomic Determinants

Table 3

Asymmetric impact of investment gain/loss on excessive volatility in China’s gold futures market.

Variable	Coefficients	SE	-statistics	value
	0.88472	0.016013	55.24815	0.0000
	31.02509	1.491269	20.80448	0.0000
	−17.62709	1.840754	−9.57601	0.0000
Adjusted	0.23440		-statistic

Note. denotes significance at the 1% level. SE is standard error of estimated coefficients.