ارتباطات پویا بین قیمت طلا و سهام: شواهد از خدمات مالی هند و شرکت های فناوری اطلاعات

We use multivariate GARCH models to analyze dynamic linkages between gold and equity price. A $1 long position in the NIFTY Financial Services index or in the NIFTY Information Technology index can be hedged for 12 cents and 5 cents, respectively, with a corresponding short position in spot gold. Moreover, spot gold expressed in rupees is a stronger equity hedge than spot gold expressed in dollars. Gold also acts as a safe haven asset during the Global Financial Crisis period. Crisis or not a prudent investor should allocate around 30% of her investable assets in gold within a gold/stock portfolio.