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Determinants of Gold Prices in Indonesia Period of 2018-2022

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Observational analysis examines how exchange rates and interest rates influence gold prices in Indonesia, indicating key economic indicators.

Gold prices are significantly influenced by exchange rates, interest rates, and the Indonesia Composite Stock Index.
In the long run, both interest rates and exchange rates positively impact gold prices, while world oil prices have a negative effect.
The Vector Error Correction Model was utilized to analyze monthly data from January 2018 to December 2022.
Exchange rates were found to contribute most to the fluctuations in gold prices, suggesting a critical economic connection.

Aprizal et al. (2025) studied this question.

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Observational analysis examines how exchange rates and interest rates influence gold prices in Indonesia, indicating key economic indicators.