Table 5.

Optimal portfolio weights and hedge ratios.

	Full sample	Pre-COVID-19 sample	COVID-19 sample
${\varpi }_{GO,t}$	0.8392	0.3627	1.0002
${\alpha }_{GO,t}$	0.0068	−-0.0010	0.0002

Notes: The table reports average optimal weights and hedge ratios in a gold-crude oil portfolio.