Dampak Harga Emas Dunia Tingkat Suku Bunga Acuan dan Inflasi terhadap Jakarta Islamic Index

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The world gold price has a significant negative effect on Jakarta Islamic Index (JII), indicating market sensitivity to global gold trends.
Inflation demonstrates a significant positive correlation with JII performance, suggesting its role in driving stock valuations forward.
Employing a GARCH model, this analysis addresses data volatility and captures trends over a study period from January 2015 to December 2023.
The model explains 44.8% of the variation in JII, pointing to the need to consider additional external factors influencing the index's performance.

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Quantitative analysis reveals inflation positively affects JII, while world gold prices negatively influence it.

Sudarsana et al. (2025) studied this question.

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