Investigation of Impact of Oil, Gold and Natural Gas Prices on Clean Energy Stock Prices

This study investigates the impact of oil, gold, and natural gas prices on clean energy stock prices using a comprehensive set of statistical techniques. Daily and monthly data for the period 2013–2023 were obtained from Yahoo Finance, S&P Dow Jones Indices, and Investing.com. Correlation, pairwise regression, multivariate regression, and ANOVA analyses were performed. The strongest association was identified between clean energy stocks and gold prices (r = 0.82), while weaker correlations were observed with oil (r = 0.22) and natural gas (r = 0.27). Pairwise regression analysis confirmed the significance of gold as a predictor (R² = 0.72, p < 0.01), whereas models involving oil and gas were found to be statistically insignificant (R² < 0.15, p > 0.2). A multivariate regression model incorporating gold indices and prices yielded R² = 0.83 with all variables statistically significant at p < 0.05, confirming gold’s dominant explanatory power. The statistical robustness of the selected factors was further validated through ANOVA tests (F-statistics > F-critical, p < 0.01). The findings indicate that gold functions as a safe-haven asset with a measurable influence on clean energy stock valuations, while oil and gas prices exert negligible effects. The results highlight the importance of incorporating gold-related indicators into clean energy investment models and provide a quantitative foundation for future macroeconomic and policy-oriented analyses.