Narayan, Paresh Kumar; Narayan, Seema; Zheng, Xinwei - Deakin University, Faculty of Business and Law, School … - 2010
evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation, and (b) the oil … against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel …