Ministry of Trade: Decline in Gold Export Reference Price Triggered by Strengthening US Dollar
The Ministry of Trade (Kemendag) stated that the decline in the export reference price (HPE) and reference price (HR) for gold commodities during the first period of October 2026 was influenced by the strengthening of major global currency exchange rates.
The Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, explained that during the data collection period, the gold export reference price fell by 3.5 per cent. This decrease aligns with the decline in the gold reference price, both of which were influenced by global market dynamics.
“The decline in the HPE and HR of gold in the first period of October 2026 was driven by several factors, such as the strengthening of major global currency exchange rates as well as increasing bond yields in international markets,” Tommy said in a statement in Jakarta on Thursday.
During this period, the gold export reference price fell by 3.5 per cent to 139,409.07 US dollars per kilogram from 144,469.49 US dollars per kilogram in the second period of September 2026. The gold reference price also fell to 4,336.11 US dollars per troy ounce (t oz) from 4,493.51 US dollars per t oz.
These provisions were established in the Decree of the Minister of Trade Number 1925 of 2026 concerning Export Reference Prices and Reference Prices for Mining Products Subject to Export Duties. The decree is applicable for the period of 1–14 October 2026.
Tommy added that the gold HPE and HR 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 also involves the Coordinating Ministry for Economic Affairs, the Ministry of Finance, and the Ministry of Industry.
“The determination is carried out through cross-ministerial and inter-agency coordination based on information, data, and input provided by the relevant ministries and agencies,” said Tommy.