gold prices had the largest
independent positive impact during the first period which
obviously eliminated their effect following period 2. Gold prices
had no effect on the exchange rate, but did significantly and
positively affect oil prices in period 2 and this effect vanished
following period 3. This demonstrated that the impact of gold
prices on oil prices was only short-term effect.
Next, exchange rates negatively impacted gold prices in
period 1. As time elapsed, this negative impact disappeared after
period 3. This showed that the impacts of exchange rates on oil
prices and gold prices were only short-term and no long-term
impact existed.
To summarize, fluctuations in exchange rates, gold prices and
oil prices, all had short-term shock effects on the other two prices.