Analisis Dinamis Pengaruh Suku Bunga The Fed, Nilai Tukar Dollar AS dan Harga Minyak terhadap Harga Emas di Indonesia
DOI:
https://doi.org/10.51903/e-bisnis.v19i1.3561Keywords:
Gold Price; Federal Reserve Interest Rate; US Dollar Exchange Rate; WTI Crude Oil Price; ARDLAbstract
This study aims to investigate the short- and long-term effects on Indonesian gold prices of crude oil prices, the US dollar exchange rate, and the interest rate established by the Federal Reserve (The Fed). This study uses the US dollar exchange rate, the Federal Reserve's (The Fed) interest rate, and the West Texas Intermediate (WTI) crude oil prices as independent variables. The dependent variable is the price of gold in Indonesia. For this study, monthly time series data gathered between January 2009 and December 2024 served as secondary data. Because it can be used to variables with different levels of stationarity and may estimate both short-term and long-term associations, Autoregressive Distributed Lag (ARDL) was chosen as the analytical approach for this investigation. The study's conclusions demonstrate that Indonesia's gold price is influenced over time by the Federal Reserve interest rate. Meanwhile, the Federal Reserve interest rate, oil prices, and the US dollar exchange rate have little short-term effects on Indonesian gold prices
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