  With the aggravation of the global economic crisis and inflation, the
precious metals with safe-haven function have become more popular. An improved
MF-DFA method is proposed to analyze price fluctuations of the precious metals
market. Based on the widely used multifractal detrended fluctuation analysis
method (MF-DFA), we compare these two methods and find that the Bi-OSW-MF-DFA
method possesses better efficiency. This article analyzes the degree of
multifractality between spot gold market and spot silver market as well as
their risks. From the numerical results and figures, it is found that two
elements constitute the contributions in the formation of multifractality in
time series and the risk of the spot silver market is higher than that of the
spot gold market. This attempt could lead to a better understanding of
complicated precious metals market.
