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All Journal Arsitektura : Jurnal Ilmiah Arsitektur dan Lingkungan Binaan QARDHUL HASAN: MEDIA PENGABDIAN KEPADA MASYARAKAT Aliansi : Jurnal Manajemen dan Bisnis Indonesian Journal of Law and Policy Studies Jurnal Teknologi dan Manajemen Industri Terapan Diadik: Jurnal Ilmiah Teknologi Pendidikan JURNAL ILMIAH PENELITIAN MAHASISWA Champions: Education Journal of Sport, Health, and Recreation Inovasi Sosial: Jurnal Pengabdian Masyarakat As-Syirkah: Islamic Economic & Financial Journal Jurnal Agromedicine Unila: Jurnal Kesehatan dan Agromedicine
Angga Nugraha
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The Effect of Gold Prices on The Composite Stock Price Index with Inflation as A Moderating Variable Marieska Lupikawaty; Novitasari; Angga Nugraha; Vidya Ramadhan Putra Pratama; Riris Lawitta
Jurnal Teknologi dan Manajemen Industri Terapan Vol. 4 No. 3 (2025): Jurnal Teknologi dan Manajemen Industri Terapan
Publisher : Yayasan Inovasi Kemajuan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55826/jtmit.v4i3.1603

Abstract

This study aims to analyze the influence of global gold price fluctuations on the Jakarta Composite Index (JCI), with inflation as a moderating variable. Using portfolio theory and the efficient market hypothesis, this study examines gold as a safe-haven asset and its relationship with the domestic capital market during periods of inflationary pressure. The data used are secondary time series data analyzed using the Moderate Regression Analysis (MRA) method. The results show that gold prices have a significant influence on JCI movements, but the strength of this relationship depends strongly on the inflation rate. Inflation is found to act as a moderating variable, strengthening the shift in investment from the stock market to gold when the currency's purchasing power declines. This research provides strategic implications for investors in diversifying their portfolios and for policymakers in maintaining the stability of the national financial market.
Co-Authors Ahmad Farkhan Andini Annissa Pratiwi Arisa, Lisa Dedi Iskandar DIAN FEBRIANTI Dita Wahyuni Edi Riesnandar Wahyu Ekkiwinatha, Novan Ergun Alfauzi Feriandy Feriandy Firmansyah Giasnia Rika Nurry Ii Sujai Irfan Nursetiawan Khairun Nisa Kusumaningdyah Nurul H. Lestaria Sinambela Marieska Lupikawaty Muhamad Yuda Noor Akbari NOVITASARI Pratiwi, Annissa Putri Khadijah Heriyanti R.Rindu Garvera Resita Septia Rahma Riris Lawitta Romadhon Romadhon Ulil Albab Vidya Ramadhan Putra Pratama Yeti Asmawati Yudiansyah Fauzi