The Impact of Petroleum and Gold Prices on the Market Capitalization of the Amman Stock Exchange

This study aimed to examine the impact of global crude oil prices and global gold prices on the market capitalization of the Amman Stock Exchange during the period from January 2020 to March 2026, using monthly data. The study relied on data on global crude oil prices and global gold prices obtained from international databases, while market capitalization data were collected from the monthly reports of the Amman Stock Exchange. To achieve the study objectives, an econometric approach was employed using the Autoregressive Distributed Lag (ARDL) model. Prior to estimation, unit root and cointegration tests were conducted to ensure the suitability of the data for the model. The ARDL model was then used to estimate the effects of the independent variables on the dependent variable in both the short run and the long run. The empirical results indicated a positive and statistically significant impact of both global crude oil prices and global gold prices on the market capitalization of the Amman Stock Exchange, suggesting that changes in these variables positively influence market capitalization during the study period Based on these findings, the study recommends that relevant authorities closely monitor developments in global markets and incorporate them into investment decision-making processes to enhance the efficiency of the Jordanian financial market.