The aim of capital market investors is to maximise their returns from these markets. Therefore, it is important to determine the factors affecting stock returns. The aim of this study is to examine the effect of changes in precious metal prices on stock returns. For this purpose, the relationship between the stock returns of firms in the BIST 100 Index and precious metal (gold, silver, platinum and palladium) prices is analysed. Panel data analysis method is used in the study. The dependent variable of the research is the rate of return of stocks; the independent variable is the rate of change in gold, silver, platinum and palladium prices. According to the results of the analyses, there are positive and significant relationships between the precious metals (gold, silver, platinum and palladium) and stock returns. According to this result, it can be said that increases in precious metal prices increase stock returns.