“…It is important to state that instrument like gold possesses high transaction volume and significant cash flow in the global market. Gold is one of the top-most marketed products worldwide and serves as a wealth storage tool, especially during economic and political instability (Aggarwal and Lucey, 2007;Batten et al, 2010;Lucey et al, 2013;Yaya et al 2016;Gil-Alana et al, 2017;Yaya et al, 2021a). Historically, the function of gold and silver are very similar, and a long-run relationship exists between the two metals (Wahab et al, 1994;Ciner et al 2013;Gokmenoglu and Fazlollahi, 2015;Pierdzioch et al, 2015;Auer, 2016;Pierdzioch et al, 2016;Zhu et al, 2016;Schweikert, 2018).…”