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This study examines the effects of world gold prices, inflation, and the rupiah exchange rate on ANTAM gold bullion prices in Indonesia during the quarterly period of 2015–2024. This study employed a quantitative approach using secondary time-series data consisting of 40 quarterly observations. Data were obtained from the World Gold Council, Bank Indonesia, Statistics Indonesia, and the official ANTAM Logam Mulia website. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination with IBM SPSS Statistics version 26. The results show that world gold prices have a positive and significant effect on ANTAM gold bullion prices, with a significance value of 0.000. Inflation has no significant effect, with a significance value of 0.791, while the rupiah exchange rate also has no significant effect at the 5% significance level, with a significance value of 0.052. Simultaneously, world gold prices, inflation, and the rupiah exchange rate significantly affect ANTAM gold bullion prices, with a significance value of 0.000. The adjusted R-squared value of 0.995 indicates that the three variables explain 99.5% of the variation in ANTAM gold bullion prices.
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Fitria et al. (2026) studied this question.
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