Özet:

The importance of gold as an alternative investment tool has risen after the global economic crisis. Increasing risks in financial markets caused the gold to be a hedging instrument against instability and fluctuations.  Investors behave differently in normal times and crisis times. In cases where the movements of gold and stock exchange markets are diversified, gold can be used in portfolio diversification, as a tool of hedging and as a safe haven. When the returns of the stock market are expected to diminish, investors use the gold as an alternative investment tool. In this context, the aim of this study is to determine whether using gold in their portfolio as an alternative investment tool provides benefit for the investors or not. For this purpose, the relationship between gold and stock market is tested using monthly time series data of gold prices and Borsa Istanbul 100 from 2006-April to 2018-August. Before building the model, time series properties of the model are investigated and the best VAR model is selected. Causality relationship between the variables is tested using with Toda-Yamamoto causality test. Return series are calculated in order to be used in the model. According to the results of the study, the hypothesis stating "there is no causality relationship from gold return series to BIST 100 series and there is no causality relationship from BIST 100 series to gold return series" is accepted. In conclusion, it is beneficial for investors to use gold as an alternative investment tool in order to diversify the risks.

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