Formosa Journal of Sustainable Research (FJSR) Vol.1, No.6, 2022: 877-884 877 ( DOI prefik: tps://doi.org/10.55927/fjsr.v1i6.1802 ISSN-E: 2830-6228 https://journal.formosapublisher.org/index.php/fjsr What Causes Future Gold Price Volatility in Indonesia? Cynthia Sari Dewi Universitas Multimedia Nusantara Corresponding Author: Cynthia Sari Dewi sardwecyn@gmail.com A R T I C L E I N F O A B S T R A C T Keyword: Future Gold Commodity, Price Volatility, Consumer Price Index, Exchange Rate, Stock Market Index Received : 5 October Revised : 15 October Accepted: 20 November ©2022 Dewi: This is an open-access article distributed under the terms of the Creative Commons Atribusi 4.0 Internasional. The purpose of this study is to determine the factors that influence the future volatility of gold commodities in Indonesia. Methods of quantitative research as well as secondary data are utilized in this study. The years 2011 to 2018 are used in this study example. On the official website, there is a total of 32 data collected quarterly. SPSS version 24 is the software that is being utilized. The findings, the exchange rate is the only factor that has impact on future gold commodities. Other factors, including as the consumer price index and the stock market index, have no such impact. Research can be used to determine the reasons of price volatility from macroeconomic influences on future gold commodities. INTRODUCTION The commodity market plays a significant role in preserving the economic stability of the country and offers numerous advantages to investors, corporate players, the community, and the overall economy. Commodity markets have experienced turbulence since the mid-2000s. Prices peaked in 2010–2011 and again in 2007–2008 (during the global economic crisis), and the market also experienced a surge in returns or volatility returns. Additionally, a significant amount of investment capital has poured into the commodity futures market as a result of the sudden increase in popularity of commodities investments. The "financialization" of commodity markets is a process that has generated a lot of discussion (Cheng & Xiong, 2014). Price determination in the commodity market continues to be quite volatile along with developments (Bolandifar & Chen, 2020). As a result of the tremendous supply and demand uncertainties, potential political unrest around the world, and ongoing financial problems, commodity prices are currently seeing rising price variations. The viability of production both now and in the future, as well as the investment choices made by governments and businesses, are frequently impacted by price swings. When data from one of the key events