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Muhammad Ihsan Rabbani
Universitas Ibn Khaldun Bogor, Indonesia
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THE EFFECT OF GOLD PRICE AND RUPIAH EXCHANGE RATE ON THE COMPOSITE STOCK PRICE INDEX ON THE INDONESIA STOCK EXCHANGE Muhammad Ihsan Rabbani; Immas Nurhayati; Yudiana
Manager : Jurnal Ilmu Manajemen Vol. 8 No. 4 (2025): Manager : Jurnal Ilmu Manajemen
Publisher : Universitas Ibn Khaldun Bogor

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Abstract

This research aims to examine the influence of gold prices and the rupiah exchange rate on Indonesia's Jakarta Composite Index (JCI). The study applies multiple linear regression analysis, using a t-test to assess the individual impact of each independent variable and an F-test to evaluate their combined effect on the dependent variable. Based on the t-test results, gold price has a significant negative relationship with the JCI, as shown by a significance level of 0.000 and a t-value of -6.912, indicating that higher gold prices tend to suppress the JCI. Conversely, the rupiah exchange rate does not show a significant partial impact on the JCI, with a significance value of 0.277 and a t-value of 1.099. However, the F-test reveals that gold prices and the exchange rate together significantly affect the JCI, with a significance level of 0.000 and an F-value of 87.957, exceeding the critical F-value of 3.16. Thus, it can be inferred that while only gold prices have a notable individual impact, both variables collectively influence the fluctuations in the JCI.
Co-Authors Nurhayati, Immas Yudiana