Export Benchmark and Gold Reference Prices Rise in Early September 2026, Here are the Details
The Ministry of Trade has set the export benchmark price (HPE) for gold at US$142,154.10 per kilogram for the first period of September 2026. This represents an increase in the gold HPE of 7.87 per cent from the second period of August 2026, which stood at US$131,777.67 per kilogram. Meanwhile, the gold reference price (HR) has increased to US$4,421.49 per troy ounce (t oz) from the previous period of US$4,098.75 per t oz.
The determination of the gold HPE and HR is stipulated in the Decree of the Minister of Trade (Kepmendag) Number 1776 of 2026 concerning Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. This Ministerial Decree is applicable for the period of 1–14 September 2026.
The Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, revealed that the increase in the HPE and reference price of gold in the first period of September 2026 was driven by rising demand for precious metals in the global market, while supply remains relatively limited.
“The increase in the HPE and HR of gold in the first period of September 2026 was driven by several factors, one of which is the increase in gold demand amidst supply constraints,” he stated in Jakarta on Tuesday, 1 September 2026.
Tommy noted that other contributing factors include the depreciation of major global currencies and falling bond yields in international markets. Additionally, discussions regarding interest rate cuts by several global central banks have provided positive sentiment for gold price movements.
According to Tommy, these conditions have encouraged investors to shift liquidity into gold, which is viewed as a safe-haven asset amidst global financial market uncertainty.
“These dynamics have prompted market participants to shift their capital into gold instruments, which are considered safe havens with higher levels of stability. This has had a direct impact on the increasing demand for gold in the global market,” Tommy explained.