Gold could be used to predict inflation, according to a report in the Canadian Financial Post.
Commentator David Berman noted that some believe the gold price can predict the arrival of inflation well into the future.
He cited a release from the Bank of Canada, whose Greg Tkacz said that gold can predict inflation in various economies.
"Gold seems to be most significant for developed countries that have formally adopted inflation targets," he said in a report, implying that it works best as a predictor of inflation in countries like Australia, Canada, the UK and China.
"The explicit inflation target acts as an anchor for inflation expectations," Mr Berman writes. "However, Mr Tkacz said it also works for two developed countries that do not have formal inflation targets: Japan and the United States."
The report found that, if the gold price rises by ten per cent, the consumer price index in Canada will increase by one quarter of a percentage point over the following 12 months.
Gold is often used as a hedge against volatility in the US economy, with investors preferring its solid performance over centuries to the fluctuations of the dollar.