DETERMINAN VARIABEL MAKROEKONOMI TERHADAP HARGA EMAS DI INDONESIA PERIODE 2014-2023

This study aims to analyze the influence of macroeconomic variables, including inflation, interest rates, exchange rates, money supply, and economic growth, on gold prices in Indonesia during the period 2014–2023. The study uses a quantitative approach with secondary time series data obtained from the World Bank, the Central Statistics Agency, and PT Antam Tbk. The analysis method used is multiple linear regression with the Least Squares (LS) approach and classical assumption tests to ensure the feasibility of the model. The results of the study show that, partially, inflation, exchange rates, money supply, and economic growth have a significant effect on gold prices, while interest rates do not have a significant effect. Simultaneously, all independent variables have a significant effect on gold prices. The coefficient of determination (R²) value of 99.27% indicates that the variation in gold prices can be explained by the variables in the model, while the remaining 0.73% is influenced by other factors outside the model