Cross-Asset Price-Based Regimes for Gold IntroductionThis article develops a price-based macro–financial model of gold that formally links its medium-horizon return dynamics to cross-asset risk-premium configurations. Although gold has traditionally been conceptualized as a non-yielding inflation hedge or safe-haven asset, contemporary empirical evidence reveals a substantially more intricate structure: gold’s forward returns are systematically conditioned by the joint momentum of (i) gold itself and (ii) l ...