From safe-haven to industrial driver: The influence of gold and precious metals on manufacturing growth in Türkiye

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dc.contributor.authorKazak, Hasan
dc.contributor.authorAkcan, Ahmet Tayfur
dc.contributor.authorKiliç, Cüneyt
dc.contributor.authorSoyyigit, Semanur
dc.date.accessioned2026-02-03T11:53:48Z
dc.date.available2026-02-03T11:53:48Z
dc.date.issued2025
dc.departmentÇanakkale Onsekiz Mart Üniversitesi
dc.description.abstractThis study empirically analyzes the transformation of gold and precious metals from traditional safe-haven assets to industrial drivers in Türkiye, focusing on their effects on manufacturing growth for the period 2003M1–2025M2. Employing the Fourier-ARDL cointegration test, Fourier-Toda Yamamoto causality analysis, and Wavelet Coherence Analysis (WTC), we find a positive and significant long-term relationship between precious metal prices and manufacturing production (MPI). Inflation and crisis periods are shown to have negative effects on output. While causality tests reveal a unidirectional effect of gold price shocks on manufacturing growth, WTC analysis highlights the dynamic and time-varying nature of these relationships. The findings demonstrate that precious metals, beyond their traditional role as safe-havens, exert a multifaceted influence on real sector performance in Türkiye, offering important implications for policymakers and industrial strategy. © 2025 Borsa İstanbul Anonim Şirketi
dc.identifier.doi10.1016/j.bir.2025.09.005
dc.identifier.issn2214-8450
dc.identifier.scopus2-s2.0-105017764415
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.bir.2025.09.005
dc.identifier.urihttps://hdl.handle.net/20.500.12428/34306
dc.indekslendigikaynakScopus
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.snmzKA_Scopus_20260130
dc.subjectGold
dc.subjectManufacturing growth
dc.subjectManufacturing production
dc.subjectPrecious metals
dc.subjectWavelet coherence
dc.titleFrom safe-haven to industrial driver: The influence of gold and precious metals on manufacturing growth in Türkiye
dc.typeArticle

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