@article{article_763237, title={GOLD SPOT AND DERIVATIVES MARKETS INTERACTION IN TURKISH FINANCIAL MARKETS}, journal={İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi}, volume={19}, pages={295–309}, year={2020}, author={İlter Küçükçolak, Necla and Yılmaz, Mustafa Kemal and Ayyıldız, Emine Mukaddes}, keywords={Altın Vadeli İşlemler, Riskten Korunma, Fiyat Keşfi}, abstract={This study explores the impact of gold derivatives market on the market efficiency of the Turkish financial markets over 2011-2018 period. The study uses price series of USD/Ons spot and futures contracts traded in Borsa Istanbul and US Commodity Exchange as reference indicators and employs the Vector Error Correction Model. The study results reveal that there is a significant unilateral relationship between the gold spot and derivatives markets, the spot market prices leading the derivative market both in the long and short run. The findings also show that there is a persistent influence of volatility in the gold market.}, number={Temmuz 2020(Özel Ek)}, publisher={İstanbul Ticaret Üniversitesi}, organization={Yok}