PENGARUH INFLASI DAN HARGA EMAS TERHADAP PERGERAKAN SAHAM EMITEN EMAS

Abstract

This study examines the effect of inflation and gold prices on the stock movements of gold mining companies in Indonesia. Inflation and gold prices are important macroeconomic variables that influence financial market dynamics. This research aims to analyze the relationship between inflation, gold prices, and stock performance of gold mining companies listed on the Indonesia Stock Exchange (IDX), namely BRMS, HRTA, PSAB, ARCI, MDKA, and ANTM during the period 2019–2023. The study uses a quantitative approach with secondary data obtained from the Central Statistics Agency (BPS), World Gold Council, and Indonesia Stock Exchange (IDX). Data analysis techniques include descriptive analysis, correlation, and multiple linear regression. The results show that gold prices have a positive and significant effect on stock movements of gold mining companies. Meanwhile, inflation has a more complex impact as it can increase gold prices but also raise production costs, which may reduce company profitability. This study provides important implications for investors in developing investment strategies, particularly in the gold mining sector.