Mutual connection in gracious story (11)

I believe the answer is:

correlation

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'mutual connection' is the definition.
'correlation' can be an answer for 'connection' (thesaurus). I'm unsure of the 'mutual' bit.

'gracious story' is the wordplay.
'gracious' becomes 'cor' (both are exclamations of surprise).
'story' becomes 'relation' (relation is a kind of story).
'cor'+'relation'='CORRELATION'

'in' acts as a link.

Can you help me to learn more?

(Other definitions for correlation that I've seen before include "Interdependence or the degree of it" , "Mutual relationship of interdependence" , "Link" , "Interdependence (of statistical variables)" .)

I've seen this clue in The Telegraph.

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