This study investigates the volatility dynamics of gold, silver, and platinum prices using daily closing data from the Shanghai Gold Exchange between 2012 and 2020. We employed ARCH and GARCH models to analyze volatility, asymmetry, and spillover effects among these precious metals. Our findings reveal that all three metals exhibit significant price fluctuations and volatility clustering. Silver demonstrated the highest volatility overall. Furthermore, all metals displayed asymmetric responses to market shocks, with gold and platinum demonstrating greater sensitivity to positive shocks (good news) compared to negative ones (bad news). Silver exhibited the opposite behavior. We also observed a one-way directional spillover effect where gold price volatility significantly impacts both silver and platinum, while silver price volatility primarily affects platinum. These results have important implications for investors, portfolio managers, and financial institutions. Understanding the volatility dynamics and spillover effects among these precious metals is crucial for effective risk management, portfolio diversification, and developing robust investment strategies.

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