Connections between gold, main agricultural commodities, and Turkish stock markets

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dc.authorid0000-0003-0699-5371
dc.authorid0000-0003-2126-0787
dc.authorid0000-0002-3884-1409
dc.authorid0000-0002-7251-9990
dc.authorid0000-0001-8210-7327
dc.contributor.authorKazak, Hasan
dc.contributor.authorMensi, Walid
dc.contributor.authorGündüz, Mehmet Akif
dc.contributor.authorKılıçarslan, Abdullah
dc.contributor.authorAkcan, Ahmet Tayfur
dc.date.accessioned2025-07-14T06:24:06Z
dc.date.available2025-07-14T06:24:06Z
dc.date.issued2025
dc.departmentEskil Meslek Yüksekokulu
dc.description.abstractThis study investigates the relationship between gold prices, agricultural commodity prices (rice, flour, bean, chickpea, lentil, and sugar), and Turkish stock markets. Using the Fourier Toda-Yamamoto causality test and wavelet coherency approach, we find that gold prices significantly influence agricultural commodity prices, emphasizing gold's pivotal role in agricultural market dynamics. Portfolio diversification incorporating gold and agricultural commodities mitigates risks, enhancing portfolio resilience. The BIST100 index and agricultural spot commodity prices exhibit differential impacts depending on specific products. Wavelet coherence analysis reveals time-varying dependencies, suggesting investors leverage their investments in BIST100 and gold for diversification with agricultural commodities. Our findings present agricultural commodities as alternative investment instruments, subject to favorable market conditions. The portfolio analysis uncovers nuanced relationships between commodities and indices, guiding investors in diversification and real asset investments. This research contributes novel perspectives, emphasizing the viability of agricultural commodities in diversified portfolios.
dc.identifier.doi10.1016/j.bir.2025.01.001
dc.identifier.endpage310
dc.identifier.issn22148450
dc.identifier.issue2
dc.identifier.scopus85215393820
dc.identifier.startpage296
dc.identifier.urihttps://dx.doi.org/10.1016/j.bir.2025.01.001
dc.identifier.urihttps://hdl.handle.net/20.500.12451/13281
dc.identifier.volume25
dc.identifier.wosWOS:001435876000001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorKılıçarslan, Abdullah
dc.institutionauthorid0000-0002-7251-9990
dc.language.isoen
dc.publisherBorsa Istanbul Anonim Sirketi
dc.relation.ispartofBorsa Istanbul Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectAgricultural Commodity Prices
dc.subjectBIST100
dc.subjectFourier Approach
dc.titleConnections between gold, main agricultural commodities, and Turkish stock markets
dc.typeArticle

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