Özet:

While gold is a financial asset that has been used as an investment tool for a long time and attracts the attention of investors, silver has been attracting the attention of investors in recent years and is included in their portfolios. The interaction between financial investment instruments is increasing rapidly both in national economies and in global financial markets, and there is an important relationship between these instruments. In this study, it is aimed to reveal the volatility interaction between gold and silver price returns and BIST mining index return. For this purpose, in order to measure the vola-tility interaction between gold and silver prices and BIST mining index, in the study based on daily data between 01.02.2017 and 01.02.2021, the Augmented Dickey-Fuller unit root test was used and the Diagonal VECH GARCH Model was used. According to the results of the analysis, intense volatility clusters are seen in the BIST mining index return and gold and silver price returns, and it has been found that volatility has continuous and permanent effects on these returns. In addition, shocks that increase the volatility of gold and silver prices reduce the volatility of the BIST mining index. Accord-ingly, there is a volatility interaction from gold and silver prices to BIST mining index prices.

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