The finding shows that mean, median, skewness,
kurtosis and probability for all three independent
variables followed the rules of thumb. According to the
Table III, Crude Oil Prices have positive relationship
while the Inflation Rates and Exchange Rates have
inverse relationship. Positive relationship means that,
when the Crude Oil Prices increase the gold prices also
will be changes and increase too. This result is become
stronger with the result of previous study done by [1],
there are positive correlation between gold prices and oil
prices. In addition, meaning negative relationship
between Inflation Rates and Gold Prices is when the
Inflation Rates increase, the Gold Prices will decrease.
This result was supported with previous study done by [8]
which is found that changes in inflation rates will cause
immediate changes in gold prices.
Lastly, Exchange Rates also have inverse relationship
with Gold prices. When Exchange Rates increase, Gold
Prices will decrease. According to [9] found that there is
negative relationship between gold prices and Exchange
Rates and the data were test with different method. But in
contrast, as demonstrated in [10] found that Exchange
Rates and Gold Prices have positive relationship because
the entire test statistic has a positive sign by use vectorautoregressive
(VAR) model.