Gold may be a cheaper tool to use as a hedge against swings in emerging-market currencies, according to a study by a group funded by mining companies.

The World Gold Council, based in London, examined eight periods of “crisis conditions,” and found returns from portfolios that included gold in hedging were 2.4 percent better than investments lacking measures to counter exchange-rate risk.

Gold topped currency hedges by 1 percent, the group said in a statement.

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Economic growth in emerging markets, along with “aggressive” monetary policies in developed countries, led to increases in interest-rates disparities and higher exchange-rate hedging costs, the council said.

“Gold has a positive correlation to emerging market growth, and a negative correlation to the dollar and other developed-market currencies,” Juan Carlos Artigas, the global head of investment research at the council, said in the statement. “Given these qualities, there is a strong argument for complementing existing exchange-rate hedging strategies with gold.”

Barrick Gold Corp., the world’s largest producer, Newmont Mining Corp. and AngloGold Ashanti Ltd. are among council members.