Extreme events have a systemic impact on global financial markets, leading to significant cross-market spillovers in the oil, gold, and stock markets and raising widespread concerns about market linkages and risk contagion. In this paper, with a focus on both return and volatility, a frontier spillover network analysis is used to examine the strength and scale characteristics of spillovers in the oil, gold and stock markets under major public health emergency shocks. In addition, the paper adopts a marginal spillover and network analysis to evaluate linkage relationships, risk sources and transmission paths in the oil, gold, and stock markets during such events. The results show that the return and volatility spillover effects generated across the oil, gold, and stock markets are significant, with return spillovers being more stable and volatility spillovers being highly sensitive to emergencies. Meanwhile, the COVID-19 pandemic has displayed the strongest return and volatility spillovers. The high intensity of the shocks during the COVID-19 period has changed the usual characteristics of the market, with the gold market becoming the risk receiver and the oil market becoming risk sources.

极端事件对全球金融市场产生系统性影响，导致石油、黄金和股票市场出现重大的跨市场溢出效应，引发对市场联系和风险传染的普遍担忧。在本文中，重点关注收益和波动性，使用前沿溢出网络分析来检验在重大突发公共卫生事件冲击下石油、黄金和股票市场的溢出强度和规模特征。此外，本文采用边际溢出和网络分析来评估此类事件期间石油、黄金和股票市场的联系关系、风险来源和传播路径。结果表明，石油、黄金和股票市场产生的回报和波动溢出效应显着，回报溢出更稳定，波动溢出对紧急情况高度敏感。与此同时，COVID-19 大流行表现出最强劲的回报和波动溢出效应。COVID-19 期间的高强度冲击改变了市场通常的特征，黄金市场成为风险接收者，石油市场成为风险来源。