Economics at your fingertips  

Overnight versus day returns in gold and gold related assets

Laurence E. Blose (), Vijay Gondhalekar and Alan Kort
Additional contact information
Laurence E. Blose: Grand Valley State University
Vijay Gondhalekar: Grand Valley State University
Alan Kort: Fifth Third Bank Investment Management Group

Journal of Economics and Finance, 2018, vol. 42, issue 3, 526-549

Abstract: Abstract Overnight returns are significantly positive while day returns are significantly negative in the COMEX gold front futures contract, the gold spot market (London Fix), gold mining company stocks, and gold related closed end mutual funds and exchange traded funds. The findings are consistent with gold price being (too) high at the opening of the various markets. The asymmetry is shown to be present in both up and down markets for gold. The results are economically important even with transaction costs.

Keywords: Gold price; Market efficiency; Gold mutual fund; Gold (search for similar items in EconPapers)
JEL-codes: G13 G12 G19 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/12197/PS2

Access Statistics for this article

Journal of Economics and Finance is currently edited by James Payne

More articles in Journal of Economics and Finance from Springer, Academy of Economics and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla ().

Page updated 2019-05-21
Handle: RePEc:spr:jecfin:v:42:y:2018:i:3:d:10.1007_s12197-017-9403-0