The parameters taken into account were GDP, ratio of household financial savings to national product, domestic price of gold, GDP deflator, index of ordinary share prices and the difference between domestic and foreign price of gold as percentage of international prices.
The study established that gold imports tend to be higher when domestic gold prices rise relative to those of ordinary shares and international gold prices; but, the effect of these two variables was pronounced during 1991-96 as compared to 1970-90.