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Chasing El Dorado: gold under shifting geopolitical and financial conditions

Rafael Guerra
BIS Papers · Reports
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economicsfinance
This paper analyses the state-dependent effects of geopolitical risks on gold prices (i.e. the safe-haven role of gold), conditional on financial conditions. Geopolitical risks are often associated with tighter financial conditions. However, recent data reveal a decoupling be tween such shocks and m
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