Table 3.

Results of Wavelet coherence analysis.

Sanction and Covid-19	The period of US withdrawal from JCPOA and the return of sanctions	The period of post-JCPOA	Before the joint comprehensive plan of action (JCPOA)	Events
2020/19/02–2020/04/06	2018/09/05−2020/18/02	2015/14/07−2018/08/05	2014/29/09−2015/13/07	Dates
No significant co-movement is observed.	No significant co-movement is observed.	No significant co-movement is observed.	No significant co-movement is observed.	Co-movements of oil price and exchange rate
There is negative co-movement in the short term	There is positive co-movement in the medium term	No significant co-movement is observed.	No significant co-movement is observed.	Co-movements of oil price and stock price
There is positive co-movement in the medium term	There is positive co-movement in the medium term	No significant co-movement is observed.	There is positive co-movement in the short term	Co-movements of oil price and gold price
No significant co-movement is observed.	There is positive co-movement in the short and long term	There is negative co-movement in the short and positive in the long term	There is negative co-movement in the short term	Co-movements of gold price and stock price
There is positive co-movement in the short, medium and long term	There is positive co-movement in the short, medium and long term	There is positive co-movement in the long term	There is positive co-movement in the short and medium term	Co-movements of gold price and exchange rate
No significant co-movement is observed.	There is positive co-movement in the short and long term	There is negative co-movement in the short and positive in the long term	There is negative co-movement in the short term	Co-movements of exchange rate and stock price

Note: Short-term means a period of 32 days or less, medium-term, a period of 32–128 days, and long-term, a period of more than 128 days.

Source: Research Finding.