Gold is a type of precious metal with many excellent characteristics. It is commonly used to decorate luxury jewelry. As living standards improve and income increases, people consume and demand more and more gold. Due to its unique physical properties, gold is also widely used in modern high-tech industries such as electronics, telecommunications, aerospace, chemistry and so on. Throughout history, gold has been used as a measure of value, a medium of circulation, a means of payment, and even a world currency where major currencies were tied to the supply of gold. After the collapse of the Gold Standard in 1970, the monetary function of gold disappeared. Currently, however, most central banks hold gold as part of their reserves. In the wake of the 2007-2009 financial crisis, the price of gold increased rapidly until recently, the price of gold fell by approximately 70% from its all-time high. This article aims to provide a statistical analysis and explanation of the empirical relationship between the price of gold and the other three prices. variables: nominal interest rate, real interest rate, Japan/US and Switzerland/US exchange rates and crude oil price. The international Fisher effect (Fisher, 1930) suggests that a higher interest rate implies higher inflation; therefore the internal exchange rate should depreciate due to higher inflation expected in the future. In other words, the interest rate is perfectly correlated with expected inflation and the domestic exchange rate should be negatively correlated with the domestic price level. According to many empirical research on market efficiency, it has been proven that the foreign exchange market has the characteristics of an efficient market, so we have a semi-strong form efficient market (Fama, 1970) in which prices reflect all public prices ... .middle of paper ...and the causal relationships between West Taxas intermediate crude oil and gold futures prices and found that there is a long-term relationship between the gold return and the oil return. Furthermore, the causal relationship indicates a long-term relationship between them. Kuntara Pukthuanthong and Richard Roll (2011) studied the relationship between gold and USD/Yen, US/Euro and US/Pound exchange rates and found that gold returns in a currency are related to currency depreciation for the most countries including the United States, Japan, the Eurozone and Great Britain. This study also found that gold prices expressed in different currencies are highly correlated, approximately 0.9 using daily gold returns in the four major currencies studied. Level gold prices are moderately correlated with the price of foreign currency. In most periods, gold is associated with weakness in a currency.