Short-run and long-run determinants of the price of gold

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Does gold act as a hedge or a safe haven for stocks? A smooth transition approach (2014, unknown): “…hedge eﬀectiveness of gold have been carried out by Kolluri [1981], Moore [1990], Laurent [1994], Chappell and Dowd [1997], Mahdavi and Zhou [1997], Harmston [1998], Ghosh, Levin, Macmillan and Wrigh [2004], Levin and Wright [2006], Worthington and Pahlavani [2007], and Beckmann and Czudaj [2013b].”
Gold as an Infl ation Hedge in a Time-Varying Coefficient Framework (2012, background): “Another frequently analyzed research topic is the capability of gold as a hedge or a ’safe haven’ with regard to financial assets such as bonds or stocks.6 Such a question has been tackled by Sherman (1986), Jaffe (1989), Chua et al. (1990), Ciner (2001), Michaud et al. (2006), Hillier et al. (2006)”
The Financial Economics of Gold – A Survey (2015, background): “Levin, Montagnoli, and Wright (2006) offer an alternative inflation-gold price channel, based on an arbitrage model developed by Levin, E., Abhyankar, A. and Ghosh (1994) which argues that gold lease rates are equivalent to world real interest rates.”