The Comparative Analysis of Gold Prices and Exchange Rates on Indonesia's Composite Index During the Covid-19 Pandemic and Financial Crisis

This study focuses on the Indonesia Composite Stock Index (ICI) during the financial crisis (March-September for 1994-1995, 1995-1996, 1996-1997, and 1997-1998) and the COVID-19 pandemic (March-September for 2017-2018, 2018-2019, 2019-2020, and 2020-2021) based on the changes in world gold prices and the exchange rate "Rupiah," denoted as Rp.The period was chosen because it significantly negatively impacted Indonesia's economic growth.Quantitative methods using a secondary data set indicated different findings in a given period.Partial regression analysis resulted in various impact levels for each hypothesis.On the contrary, the multiple regression analysis showed a strong relationship between gold prices and exchange rates as independent variables and Indonesia's composite index as dependent variables.The limitation of this research is the short-term period of data collection to be included for further generating knowledge based on the phenomena to ensure reliable decision-making for investors, managers, or organizations in the Indonesian context.