Xu and Fung (2005) examined patterns of across-market information flows for gold, platinum, and silver futures contracts

traded in both the U.S and Japanese markets. They analysed daily data for gold, platinum and silver futures contracts traded in U.S and Japan over the period from November 1994 to March 2001. Their results indicate that pricing transmissions for precious metals contracts are strong across the two markets, but information flows appear to lead from the U.S market to the Japanese market in terms of returns. There are strong volatility spillover feedbacks effects across both markets and their impacts appear to be comparable and similar. They also found evidence that intraday pricing information