Özet:

Since gold prices hold a quality of economic indicator, they have a great importance in terms of decision makers. As a traditional and international investment instrument, gold prices have an effect on the financial and real markets. On the other hand, there are a number of variables in global and national scale, which have feature to determine gold prices. In this study, the determinants of gold prices in Turkey was examined. In this scope, utilizing the data belonging to the period of 1996:1-2015:6, a causality analysis was carried out regarding the determinedness of the exchange rate, crude oil import, interest rates, and BIST 100 index on gold prices. As a result of analyses, it was identified that gold prices are affected from the variables of exchange rate, interest rate, oil import, and BIST 100 index

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