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Received: 15 December 2018 Accepted: 10 January 2019 In the case of random signal interference, this paper uses the classical signal identification method of impulse response (IR) method to design the program for identifying the fluctuation of gold price and then obtain the identification model of gold price fluctuation, In this design, the gold price sequence, the gold manufacturing demand sequence and the gold inventory demand sequence were regarded as input signals to discuss the fluctuation amplitude of the sequence, and analyse the motivation of the large fluctuation in the gold price from the perspective of manufacturing demand, inventory demand and specific prevention demand. The results showed that after the decoupling of the gold and dollar in 1975, the specific prevention demand shock of gold was the main reason for price fluctuations, and the demand for gold manufacturing had little impact on the fluctuation of gold prices. The correlation between specific demand and gold price in the fluctuation can effectively explain the phenomenon of “buy expectations, sell facts” and also prove the validity of the model.

Application of Impulse Response Method in Identifying the Causes of Gold Price Fluctuation