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All Journal EKONOMIS : Journal of Economics and Business
Choirus Saadah
Fakultas Ekonomi dan Bisnis, Universitas Negeri Malang
Economics, Econometrics & Finance

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Risiko dan Return Emas vs IHSG: Strategi Investasi di Tengah Ketidakpastian Ekonomi Choirus Saadah; Santi Merlinda
Ekonomis: Journal of Economics and Business Vol 10, No 2 (2026): September
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/ekonomis.v10i2.2609

Abstract

This study examines differences in realized returns and risk between Antam gold and the Jakarta Composite Index (IHSG) from April 2022 to April 2025, a period associated with rising economic uncertainty. A quantitative comparative design is employed using secondary closing-price data. Daily prices are converted into monthly average closing prices, yielding 37 observations for each instrument. Returns are calculated from month-to-month price changes, while risk is measured as monthly volatility. After the Shapiro–Wilk and Levene tests indicate that parametric assumptions are not met, differences are tested using the Mann-Whitney procedure. The results show significant differences in returns ( ) and risk ( ). Gold’s average monthly return is 1.80 percent, higher than the IHSG’s −0.13 percent, whereas the IHSG exhibits higher average risk than gold. The findings support gold’s defensive profile in the sample period, but they are period-specific and do not establish gold as a safe haven in the technical sense. The implication is that gold and the IHSG should not be treated as perfect substitutes in allocation decisions during uncertainty of this kind.
Co-Authors Santi Merlinda