The gold-stock market relationship during COVID-19

Pamela Peterson Drake

Finance Research Letters, 2022, vol. 44, issue C

Abstract: The belief that investors shift to gold during times of economic stress, resulting in a negative correlation between gold returns and stock returns, is not supported in both the 2007–09 financial crisis and during COVID-19. However, the gold-stock market relationship is positive in periods of negative real rates of return. The evidence points to gold as a safe haven in times of stock market volatility and negative interest rates.

Keywords: G10; G11; G14 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:44:y:2022:i:c:s1544612321001926

DOI: 10.1016/j.frl.2021.102111

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