TEMPO.CO, Jakarta – Indonesia's Ministry of Trade has lowered the export benchmark price (HPE) and reference price (HR) for gold for the second half of June 2026, citing weaker global demand and the impact of high interest rates in major economies.
"The decline in the export benchmark price and reference price of gold during the June 15–30 period was driven by high interest rate policies in several developed countries, which have put downward pressure on gold prices," Tommy Andana, Director General of Foreign Trade at the Ministry of Trade, said in a statement on Monday, June 15.
The revised prices were stipulated under Trade Ministerial Decree No. 1453 of 2026 on Export Benchmark Prices and Reference Prices for Taxable Mining Products.
Under the new regulation, the benchmark export price for gold was set at US$143,190.64 per kilogram, down 3.51 percent from US$148,396.49 per kilogram in the first half of June.
The reference price of gold also fell to US$4,453.73 per troy ounce from US$4,615.65 per troy ounce previously.
According to Tommy, elevated interest rates have reduced investor appetite for gold by increasing the attractiveness of interest-bearing assets, contributing to a decline in demand for the precious metal.
He added that global gold purchases have slowed amid ongoing volatility in international financial markets. At the same time, a steady supply of gold coupled with weakening demand has led to a correction in international prices, prompting the government to adjust its benchmark and reference prices.
Tommy said the pricing mechanism is determined through coordination among several government agencies, including the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.
Indonesia's gold export benchmark and reference prices are based on technical assessments and recommendations from the Ministry of Energy and Mineral Resources, which refer to price data published by the London Bullion Market Association (LBMA).
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