Besides great turmoil in financial markets, the COVID-19 pandemic also disrupted the global supply chain, putting the precious metal market into great uncertainty. In this study, we revisit the diversifying role of precious metals – gold, silver, and platinum – for six Dow Jones Islamic (DJI) equity index portfolios using a battery of tests: dynamic conditional correlations (DCCs), four-moment modified value at risk (VaR) and conditional VaR, and global minimum-variance (GMV) portfolio approach. Our empirical results exhibit drastically increased DCCs between sample assets during the COVID period; however, pairing gold with any of the DJI equity indices (except for the Asia-Pacific region) decreases the downside risk of these portfolios. Other precious metals (silver and platinum) do not provide such benefits. Furthermore, we find that a higher allocation of wealth in DJI Japanese equities and gold is required to achieve a GMV portfolio in the post-COVID-19 era, implying higher transaction (hedging) costs to rebalance portfolios (weights) accordingly. Our out-of-sample tests examining the global financial crisis, European debt crisis, and extended sample (2000–2020) periods yield similar findings as gold glitters across all market conditions. Overall, our findings provide notable practical implications for both domestic and international investors.

除了金融市场的剧烈动荡外，COVID-19 大流行还扰乱了全球供应链，使贵金属市场陷入极大的不确定性。在本研究中，我们使用一系列测试重新审视贵金属（黄金、白银和铂金）在六个道琼斯伊斯兰 (DJI) 股票指数投资组合中的多元化作用：动态条件相关性 (DCC)、四时刻修正值风险 (VaR) 和条件 VaR，以及全局最小方差 (GMV) 投资组合方法。我们的实证结果表明，在 COVID 期间，样本资产之间的 DCC 急剧增加；然而，将黄金与任何 DJI 股票指数（亚太地区除外）配对会降低这些投资组合的下行风险。其他贵金属（银和铂）不提供此类好处。此外，我们发现，在后 COVID-19 时代实现 GMV 投资组合需要在 DJI 日本股票和黄金中分配更高的财富，这意味着相应地重新平衡投资组合（权重）的交易（对冲）成本更高。我们对全球金融危机、欧洲债务危机和扩展样本（2000 年至 2020 年）时期的样本外测试得出了类似的发现，因为所有市场条件下的黄金都闪闪发光。总体而言，我们的研究结果为国内和国际投资者提供了显着的实际意义。和扩展样本（2000-2020）期间产生了类似的发现，因为所有市场条件下的金子都闪闪发光。总体而言，我们的研究结果为国内和国际投资者提供了显着的实际意义。和扩展样本（2000-2020）期间产生了类似的发现，因为所有市场条件下的金子都闪闪发光。总体而言，我们的研究结果为国内和国际投资者提供了显着的实际意义。