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.
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