Gold is unique among commodities in the way it reacts to macroeconomic events, new research from the International Monetary Fund posits.

The research shows that gold prices react to specific scheduled announcements in the United States and the euro area, such as indicators of activity or interest-rate decisions, in a manner consistent with gold's traditional role as a safe haven and store of value. The analysis also shows that other commodity prices tend to exhibit pro-cyclical sensitivities and