Gold export benchmark price rises amid increasing global demand
The Ministry of Trade (Kemendag) has announced that the increase in the export benchmark price (HPE) and reference price (HR) for gold commodities in the second period of August 2026 was influenced by rising global demand for the precious metal.
Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, said the rise in the HPE and HR for gold was influenced by a decline in global benchmark interest rates, which has made potential returns from instruments such as deposits less optimal.
“This has encouraged investors to shift their liquidity into gold commodities to hedge asset values. This shift in investment conditions has had a direct impact on increasing gold demand in the global market,” Tommy said in a statement in Jakarta on Tuesday.
According to him, with gold supply being relatively limited, this situation has triggered a rise in gold prices on the international market.
In addition, the weakening of major global currencies and declining bond yields on the international market have also been factors driving the increase in the HPE and HR for gold in the second period of August 2026.
The HPE for gold has been set at US$131,777.67 per kilogram, up 0.65 percent from the first period of August 2026, which was US$130,921.50 per kilogram. The HR for gold also rose to US$4,098.75 per troy ounce (t oz) from US$4,072.12 per t oz.
The provisions for the HPE and HR for gold are set out in Minister of Trade Regulation (Kepmendag) Number 1716 of 2026 concerning Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. The regulation is effective for the period 15–31 August 2026.
Tommy also stated that the value of gold was recorded as rising 0.65 percent during the data collection period. The HPE and HR for gold are determined 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).
The determination is made 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.