This study explores the critical factors affecting the prices of precious metals by using Granger causality tests through collecting financial market information and network traffic volume of Google Trend keywords and the traditional financial index. It establishes a forecasting model of precious metal price to assist the procurement of precious metals as raw materials which help to reduce material costs and control risks, thus lifting a company's profits. The results reveal that the prices of precious metals have a causality relation with their own exchange‐traded funds, US 10‐year treasury rate, and the Dow Jones Industrial Average but not Google Trends.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.