The purpose of this study is to examine the relationship between stock index value and gold price. To achive this goal, The Istanbul Stock Exchange National 100 Index (BIST100) and gold price were used for period January 2006 and February 2016. Engle-Granger cointegration and Granger causality analysis were applied on data set which consist of 2555 daily observation. As a result of Engle-Granger Cointegration analysis, BIST 100 and gold are cointegrated. Also, Granger causality analysis indicates that gold is the Granger cause of BIST 100 index.