Gold correlations with other assets in line with historical trends

Mar 18, 2014 15:40

Gold’s current interaction with other assets is in line with historical behavior, said Zurich based UBS in a snippet.

UNITED STATES March 18 2014 12:35 PM

NEW YORK (Scrap Register): Gold’s current interaction with other assets is in line with historical behavior, said Zurich based UBS in a snippet.

“Gold’s relationship with equities has consistently stayed in negative territory since January, as investors started to increasingly turn to gold as a good hedge against risk assets,” the bank said.

“The 20-day rolling correlation versus the S&P 500 Index currently sits at minus 0.28 and this is the longest period since mid-August to October last year that gold has maintained its negative relationship with equities.”

Gold is also moving opposite of the dollar, with the one-month correlation at minus 0.26. “Interestingly, gold’s relationship with crude oil has also returned to positive territory of late,” UBS added.

“The three-month correlation between gold and Brent crude oil has increased sharply since late February and is now back to levels last seen in November last year around 0.40,” said UBS via Kitco Metals.

UBS

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Gold correlations with other assets in line with historical trends

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