A Study on the Time-Frequency Correlation between Gold Market and Energy Market

DOI

10.2991/978-94-6239-787-3_69How to use a DOI?

Keywords

Gold market; Energy market; Wavelet analysis; Quantile Granger causality test

Abstract

The global green transition has introduced complex macroeconomic shocks to energy markets, requiring a re-examination of the relationship between gold and energy assets. This paper employs a wavelet analysis framework and quantile Granger causality test to study the linkage characteristics and co-movement trends between gold and the energy market at different time scales. Empirical results show that there is a strong dynamic interaction between the gold market and the energy market on a long-term scale, while the correlation is weak on a short-term scale. In terms of causality, there is only a unidirectional Granger causality from the traditional energy market to the gold market under normal market conditions, and a bidirectional Granger causality between the renewable energy market and the gold market under non-bearish market conditions. These findings offer actionable insights for asset allocation and risk transmission management.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Wenhao Xu
PY  - 2026
DA  - 2026/09/29
TI  - A Study on the Time-Frequency Correlation between Gold Market and Energy Market
BT  - Proceedings of the 2026 4th International Conference on Management Innovation and Economy Development (MIED 2026)
PB  - Atlantis Press
SP  - 697
EP  - 705
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-787-3_69
DO  - 10.2991/978-94-6239-787-3_69
ID  - Xu2026
ER  -