Gold Export Benchmark and Reference Prices Decline
The Ministry of Trade has lowered the export benchmark price (HPE) and reference price (HR) for gold commodities for the period of 15–30 June 2026. “The decline in the HPE and HR for gold in the second period of June 2026 occurred due to high interest rate policies in various developed countries, which put pressure on gold prices,” said Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, in a written statement on Monday, 15 June 2026. The Ministry of Trade set the new gold price in Minister of Trade Decree Number 1453 of 2026 concerning Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. The export benchmark price for gold was set at US$143,190.64 per kilogram, a decrease of 3.51 percent compared to the first period of June 2026, which was US$148,396.49 per kilogram. Similarly, the reference price for gold fell to US$4,453.73 per troy ounce (t oz) from US$4,615.65 per t oz. Tommy stated that the slump in gold prices occurred alongside a decline in investor interest in gold as an investment instrument, due to high interest rates increasing the appeal of interest-bearing assets. He added that from the demand side, global gold purchasing activity tended to slow amid ongoing international market volatility. Furthermore, he noted that a maintained gold supply amid weakening demand also contributed to the price correction in international markets, impacting the decline in the HPE and HR for gold. Tommy explained that the price determination process was carried out through cross-ministerial and institutional coordination based on information, data, and input provided by the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry. The HPE and HR for gold are established based on data and technical input from the Ministry of Energy and Mineral Resources (ESDM), which refers to publications from the London Bullion Market Association (LBMA).