Gold Export Benchmark and Reference Prices Decline

The Ministry of Trade has lowered the export benchmark price (HPE) and the reference price (HR) for gold commodities for the period of 15–30 June 2026.

“The decrease in the HPE and HR for gold during the second period of June 2026 occurred due to interest rate policies in various developed countries remaining at high levels, thereby putting pressure on gold prices,” stated the 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 established the new gold prices through the Decree of the Minister of Trade Number 1453 of 2026 concerning the Export Benchmark Price and Reference Price for Mining Products Subject to Export Duties.

The benchmark price for gold has been set at US$ 143,190.64 per kilogram, representing a 3.51 per cent decrease compared to the first period of June 2026, which was valued at US$ 148,396.49 per kilogram. Similarly, the gold reference price has fallen to US$ 4,453.73 per troy ounce (t oz) from US$ 4,615.65 per t oz.

Tommy noted 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.

Tommy added that from a demand perspective, global gold purchasing activity tends to slow down amidst ongoing international market volatility.

Furthermore, he stated that the steady supply of gold amidst weakening demand has also contributed to price corrections in the international market, impacting the decrease in the HPE and HR for gold.

Tommy explained that the determination process was conducted through cross-ministerial and inter-agency 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 determined based on technical data and input from the Ministry of Energy and Mineral Resources (ESDM), which refers to publications from the London Bullion Market Association (LBMA).