Gold As Hedge and Safe Haven: Evidence From Turkey

The aim of this paper is to investigate the properties of gold as a hedge and/or safe haven for diverse equity investors in Turkey (conventional and Islamic portfolios). The study covers the period from January 2010 to April 2018 and employs Wavelet Coherence as a multi-resolution analysis tool. The results suggest that gold maintains its role both as a hedging instrument during normal market conditions and save haven during the market disturbances for short-, medium- and long-term portfolio investors. The findings have important implications for policy-makers and market players of Turkey