Univrsity Of Tehran Press Journal of Information Technology Management 2980-7972 18 3 2026 07 01 Bitcoin and Gold in Data-Driven Financial Risk Modelling: A Time-Varying Analytics Framework for Dual Financial Markets 108 132 108006 10.22059/jitm.2026.108006 EN Raja Rehan College of Business Management, Institute of Business Management, Pakistan. Bahadur Shah Zafar Institute of Business Studies, Kohat University of Science and Technology, Pakistan. Ehsan Ullah Graduate School of Economics, Ural Federal University, Russia; Institute of Business Studies, Kohat University of Science and Technology, Pakistan. Gholam Reza Zandi Business School, Universiti Kuala Lumpur, Malaysia. 0000-0001-9517-8474 Journal Article 2026 07 20 This study examines the time-varying relationships and hedging properties of Bitcoin and gold with respect to Pakistani Islamic and conventional equity markets, the exchange rate, and inflation under conditions of economic turbulence. Using daily data from August 1, 2010, to March 1, 2024, the study employs a data-driven Dynamic Conditional Correlation GARCH (DCC-GARCH) framework combined with an extreme quantile approach to conduct the empirical analysis. The results show that gold serves as a strong hedge against both conventional and Islamic stocks, as well as against exchange rate and inflation. Moreover, gold has strong protective ability against declines in conventional stocks, exchange rate risk, and high inflation risk. Further, Bitcoin is found to act not only as a hedge against conventional stocks but also as a diversifier for the Islamic stock index. However, it fails to play a safe-haven role against both stock markets and inflation risk in turbulent conditions. These findings offer valuable insights for portfolio managers, policymakers, and investors seeking to enhance portfolio risk management during periods of economic uncertainty and market turbulence. https://jitm.ut.ac.ir/article_108006_6c7551777bbacc146e723831501d9e78.pdf