Causality Analysis of the Brent Oil Prices, the Gold Prices and the Exchange Rates (USD/IDR) on Indonesia Composite Index (Empi rical Study January 2016 – April 2021)

Global economic conditions are in turmoil due to the COVID-19 pandemic since 2019. Many policies implemented suppress spread of virus, which then has an impact on activity. It influences investors' attitudes and changes choices investing. This study aims analyze causal relationship between Indonesia Composite Index (ICI) gold prices, oil prices exchange rate (USD/IDR). used monthly data for period January 2016 – April 2021 with analysis Vector Error Correction Model (VECM), is a restricted VAR model Eviews 10 tool. The long-term VECM estimation results show that Brent have negative effect while (USD/USD) IDR) ICI. Granger causality test shows ICI one-way