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Navigating crises: Gold's role as a safe haven for U.S. sectors

Author

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  • Kinateder, Harald
  • Gurrib, Ikhlaas
  • Choudhury, Tonmoy

Abstract

This paper investigates the correlation between U.S. sectors and gold, and whether gold can serve as a safe haven for investors in specific U.S. sectors during the global financial crisis, COVID-19, and the Russia-Ukraine war. We use data from the Standard & Poor's Depository Receipts (SPDR) Select Sector Exchange Traded Fund (ETF) to capture the performance of the respective sectors. Our findings document that gold is a weak safe haven for most U.S. sectors. Gold is not a safe investment for energy, materials, utilities, and consumer staples. Gold does provide vital protection for financial, consumer discretionary, industrial, technology, and healthcare.

Suggested Citation

  • Kinateder, Harald & Gurrib, Ikhlaas & Choudhury, Tonmoy, 2024. "Navigating crises: Gold's role as a safe haven for U.S. sectors," Finance Research Letters, Elsevier, vol. 69(PB).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pb:s154461232401239x
    DOI: 10.1016/j.frl.2024.106210
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    More about this item

    Keywords

    DCC-GARCH; Exchange-traded funds; Safe haven; U.S. sectors; COVID-19; Global Financial Crisis; Russia-Ukraine war;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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