Prediction of Gold price with comparison of forecasting methods
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Full Text |
Pdf
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Author |
Rajendar M., Nagesh M., Mallikarjuna Reddy and V. Nagaraju
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e-ISSN |
1819-6608 |
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On Pages
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225-231
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Volume No. |
19
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Issue No. |
4
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Issue Date |
April 15, 2024
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DOI |
https://doi.org/10.59018/022436
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Keywords |
ARIMA, MLP, ELM, RMSE, MAPE, and gold.
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Abstract
Gold has emerged as an extra famous and very beneficial commodity in phrases of investment. Gold has been considered, as a country wide reserved commodity for many years, which leads to very integral for the economy of any country. Most people and traders believe that gold is a protected investment from uncertainty and political chaos. The rate of motion of gold helps the buyers from the centre of attention in their investments; they make use of the year by year information from Indian Gold Council. The analysis of the data was taken from 1964 to 2020. This paper's motto is to analyze and summarize different algorithms for predicting the rate of gold. The procedures utilized to fit the data were from the Time Series analysis Auto Regressive Integrated Moving Average (ARIMA) and Neural Network models; Multi-Layer Perception (MLP) and Extreme Learning Machine (ELM). The test data were utilized for the analysis, and then the outcome was exhibited with the help of error parameters. ELM is best as compared to ARIMA and MLP. The error measures are RMSE (1634.975) and MAPE (3.002). The error measurements have been represented in the tables for ARIMA and MLP. The best prediction of Gold price was given by the ELM, which is be efficient and accurate model.
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