Gold, dollar, and stock market: Which one is on top in the first half?

While the first half of the year is behind us in the markets , gram gold became the investment instrument that provided the highest return with a 42.17 percent premium in the January-June period of 2025 .

While the Euro came in second with 28.23 percent , TL deposits came in third with 22.00 percent . The Dollar came in fourth with a 12.65 percent premium , while the BIST 100 index in the stock market came in last place with a 1.20 percent increase .

As the first half of the year is over in the markets, the returns on investment instruments have also become clear. On the global front, the policies implemented by US President Donald Trump, especially on taxes, were among the factors determining pricing . The ongoing geopolitical risks in Russia, Ukraine and the Middle East caused high volatility in the markets .

Concerns about economic risks in the US also caused the dollar to weaken globally in the first half of the year. However , safe haven gold stood out as the shining star .

GOLD EARNED THE MOST

The ounce of gold, which completed the year 2024 at $ 2,625 , increased by more than 33 percent , rising to the level of $ 3,502 . The ounce of gold , which completed June at $ 3,303, is at $ 3,303 in the morning session of the new day .

While a limited increase was seen in foreign exchange rates during this process , the weak performance in the stock market was remarkable . Gram gold reached its peak with the support it received from the increase in the dollar/TL exchange rate and the upward trend in ounce gold . Gram gold tested its record level at 4 thousand 379 TL .

EURO VALUED

In global markets , the dollar index started the year at 108.95 and closed June at 96.75 . While the dollar index lost 11.19 percent of its value , the EUR/USD parity closed at 1.1786 on the last trading day of June . In the first half of this year, the Euro appreciated by 13.84 percent against the dollar .

Tight monetary policy continued in the fight against inflation in domestic markets. The policy rate varied between 42.50% and 47.50% . In the second quarter, the funding rate was mainly in the 48-49% band .