Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025)

Spillovers and co-movements among crude oil, gold, and equity markets sit at the heart of portfolio diversification, hedging, energy-risk assessment, and financial-stability policy. This systematic review, reported in accordance with the PRISMA 2020 guidelines and adapted to a bibliometric evidence-synthesis design, maps how that field is built intellectually, synthesizes what its empirical literature has established, identifies where its newest fronts lie, and situates it against prior bibliometric reviews. The review question was framed with a PICOS structure; the corpus comprises 1,081 unique documents drawn from Web of Science and Scopus under a PRISMA 2020 selection flow. The search window is 2010–2026 and the analytical window 2010–2025 ( n = 1,077): the four 2026 Early Access records are excluded from every statistic that depends on publication year, and their removal from the remaining analyses moves no reported share by more than 0.4 percentage points. Within the strictly defined crude oil–gold–equity triad this is, to our knowledge, the most extensive corpus assembled so far—about 58% larger than the closest triad-focused comparator—and the first to treat the three assets jointly rather than as separate dyads. We combine performance analysis with complementary science-mapping techniques: co-occurrence of lemmatized keywords with Louvain community detection (γ = 1.0; Q = 0.231), author co-citation, bibliographic coupling confined to 2022–2025, and country-level co-authorship, with normalized indicators (h-index, g-index, citations per document per year, and the MCP/SCP ratio). Output grew at a 27.4% compound annual rate over 2010–2024 and then leveled off from 2023 (year-over-year rates of 4.1%, 0.0%, and −3.4%). Keyword co-occurrence resolves into four thematic clusters; author co-citation into three intellectual schools (safe haven/GARCH, connectedness/Diebold–Yilmaz, and COVID/crypto/alternative havens); and bibliographic coupling into nine emerging fronts, among them a small green bonds and energy-transition front that earlier reviews do not register. Latin America and the Caribbean account for at most 1.76% of corpus documents while supplying 9.5% of world commodity exports, a representation ratio of 0.19. The findings inform diversification and hedging strategies, regulatory debates on the financialization of energy and commodity markets, the emerging interface between fossil-energy assets and green finance, and regional research agendas.