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Plot of volatility dynamics of Gold market. The pre-pandemic period spans 1 August 2019 to 31 December 2019 and the pandemic period from 2 January 2020 to 26 May 2020. The behavior of Gold volatility is smooth during the pre- pandemic period. On the contrary, there are many large peaks in Gold volatility during the pandemic. This fact suggests that the COVID-19 pandemic seriously affected Gold volatility.
