This article investigates whether gold will always shine amid world uncertainty or not. The quantile on quantile (QQ) approach is employed to detect the mutual relationship between the world uncertainty index (WUI) and gold price (GP). We find the impacts of WUI on GP, in different quantiles, varies and runs in cycles. The positive influence that ripples from WUI toward GP indicates that gold will shine over economic or political chaos periods. However, this viewpoint cannot be recognized when considering the negative impacts of the WUI on GP. Also, by evaluating the compound influence from GP to WUI, we suggest that the gold market acts as a barometer of global risk according to the market states.

The United States is exposed to the threats of massive carbon dioxide (CO₂) emissions generated by non-renewable energy in reaching environmental sustainability. With the wavelet-based quantile-on-quantile approach, this paper delves into the impact of the most typical fossil fuel, oil, on CO₂ emissions from a price perspective. The results highlight that oil is a mixed blessing for fostering environmental sustainability in the short–medium run. Mainly, CO₂ emissions are more susceptible to positively responding to the bullish oil market in the medium term. Nevertheless, it also reveals the underlying negative relationship rooted in the long run. The results are endorsed by the theoretical mechanisms between energy prices and emissions, which indicate the role of high oil prices in driving long-term CO₂ emissions mitigation and environmental sustainability. Therefore, industries should resist the temptation to indulge heavily in short- to medium-term price hikes instead of prudently reacting to the bullish signal. Moreover, under the environmental sustainability ambitions, the strategy of expanding investment in green technologies innovation to reduce the dependence on oil cannot be shelved.

As the global energy transition unfolds, carbon markets and energy cryptocurrency markets collectively mirror the evolving economic and regulatory forces that are reshaping the future of energy systems. This paper employs a novel Quantile-on-Quantile connectedness approach explore the dynamic connectedness of European Union Allowance and renewable energy token with dirty energy. The results reveal a markedly state-dependent spillover structure in which cross-market influence intensifies in the tails of the return distribution, while linkages remain muted in ordinary market states. We also find that dirty energy tends to absorb rather than transmit shocks, particularly when carbon prices or clean-token valuations reach elevated levels, which suggests a growing disciplinary role of decarbonization assets in fossil-fuel pricing. A comparison of direct and reverse quantile configurations shows persistent dominance of carbon price movements over dirty energy, while leadership alternates over time between renewable-token markets and fossil-fuel markets. These findings refine the understanding of transition-risk propagation and offer guidance for portfolio design and market-stability assessment.