Journal of Applied Islamic Economics and Finance
Vol. 6 No. 2 (2026): Journal of Applied Islamic Economics and Finance (February 2026)

The Influence of Gold Prices, Inflation and Exchange Rates on Sharia Stock Index: Jakarta Islamic Index Period 2022-2024

Iklima Azka Nur Raudhah (Politeknik Negeri Bandung)
Fatmi Hadiani (Politeknik Negeri Bandung)
Nafisah Ruhana (Politeknik Negeri Bandung)
Ine Mayasari (Politeknik Negeri Bandung)



Article Info

Publish Date
28 Feb 2026

Abstract

This research aims to analyze the influence of Gold Price variables and Macroeconomic Variables (Inflation and Exchange Rate) on the Sharia Stock Index: Jakarta Islamic Index (JII30) for the 2022-2024 period and processed using a quantitative approach. The method used is the Vector Error Correction Model (VECM). The data used in this research is in the form of average monthly secondary data on JII30. Sharia Stock Index and PT Gold Prices ANTAM published by Logam Mulia website, monthly secondary data on inflation published by the Central Statistics Agency and IDR/USD Exchange Rate published by Bank Indonesia (BI) for the 2022-2024 period. The results of this study indicate that the Gold Price variable and Exchange Rate variable have a significant negative effect on JII30. The Inflation variable has not significant effect on JII30. The Gold Price, Inflation, and Exchange Rate variables simultaneously have a positive effect on JII30.

Copyrights © 2026






Journal Info

Abbrev

jaief

Publisher

Subject

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

Journal of Applied Islamic Economics and Finance is a journal published by the Accounting Department of Politeknik Negeri Bandung, Indonesia. JAIEF (e-ISSN: 2746-6213) is published thrice a year (October, February, and June). As the name implies, this journal brings two major themes, namely Islamic ...