Indonesia's Reference Gold Price Has Soared 67% from Last Year, Here Are the Data

Jakarta, CNBC Indonesia - The Ministry of Energy and Mineral Resources (ESDM) has noted a trend of rising Reference Mineral Prices (HMA) for several mining commodities in 2026 compared to the realisations in 2025. One commodity showing a price increase is gold.

According to the Ministry of ESDM’s records, in the first period of March 2026, the Reference Mineral Price (HMA) for gold stood above US$5,000 per troy ounce. This price has soared by around 67% compared to the second period of April 2025, which was US$3,000 per troy ounce.

The Reference Mineral Price for gold in the second period of April 2025 was actually already at the highest interval at that time.

Meanwhile, the HMA for gold throughout 2026 (January to mid-May 2026) has averaged US$4,746.02 per troy ounce, far above the average for the whole of 2025 at US$3,376.02 per troy ounce.

Here is the data on the trend of HMA gold price increases since the beginning of 2026 compared to the same period last year:

First, in the first period of January 2026, the HMA gold increase was recorded at 62% compared to the same period last year. In the second period of January, it increased again by 67% compared to the same period last year.

Second, in the first period of February 2026, the HMA for gold rose 75% compared to the same period in 2025. In the second period, it increased up to 87% compared to the same period last year.

Third, in the first period of March, the HMA for gold increased 73% compared to the same period last year. In the second period, it increased up to 76% compared to the same period last year.

Fourth, in the first period of April, the HMA for gold increased 64% compared to the same period last year. In the second period, it increased up to 50% compared to the same period last year.

Finally, in the first period of May 2026, the HMA for gold increased 48% compared to the same period last year.

On average, the gold price growth from January to mid-May 2026 is around 67% compared to the same period last year.