The article examines how gold and crude oil prices affect the stock market in Turkey from 1986 to 2016. They used a model to analyze the long-term and short-term relationships between these prices. The results show that gold prices have a negative impact on stock prices, while crude oil prices have a positive impact. Stock prices adjust to their long-term levels by 0.39% using gold and crude oil prices. Additionally, gold prices influence stock prices in the short-term, long-term, and jointly.