Ministry of Trade: Gold prices fall as investors shift to yield-based instruments

The Ministry of Trade (Kemendag) stated that the decline in the export benchmark price (HPE) and reference price (HR) for gold commodities in the first period of June 2026 was influenced by increased investor interest in yield-based financial instruments.

According to a Kemendag statement on Monday in Jakarta, gold’s HPE fell 1.43% to $148,396.49 per kilogram from $150,555.29 per kilogram in the second period of May 2026. Meanwhile, the HR dropped to $4,615.65 per troy ounce (t oz) from $4,682.80 per t oz.

“Gold prices declined by 1.43% during data collection. Alongside shifting investor preferences towards yield-based instruments, the gold market entered a consolidation phase, leading to profit-taking,” said Kemendag’s Director General of Foreign Trade, Tommy Andana.

He added that international gold price movements were also influenced by global monetary policy direction and the world economic outlook.

The HPE and HR regulations are set under Ministerial Decision No. 1416 of 2026 concerning Export Benchmark Prices and Reference Prices for Mineral Products subject to Export Duty, effective for the period 1-14 June 2026.

Gold HPE and HR determinations are based on data and technical inputs from the Ministry of Energy and Mineral Resources (ESDM), referencing international price developments. Meanwhile, gold prices are based on London Bullion Market Association (LBMA) publications.

Gold HPE and HR determinations are made through inter-ministerial and inter-agency coordination, considering data, information, and current market developments analysed jointly with the Coordinating Ministry for Economic Affairs, Ministry of Energy and Mineral Resources (ESDM), Ministry of Finance, and Ministry of Industry.