“… Gharib et al (2021) reveal that bubbles in the oil and gold markets had a bidirectional contagion effect during the COVID-19 pandemic. Huang and Wu (2021) find that spillover from the oil market to the gold market occurs more frequently during pandemics. Farid et al (2021) observe a rise in volatility correlations across multiple asset classes, including oil, gold, silver, and natural gas, during the COVID-19 outbreak.…”