Ministry of Trade: US Dollar Strengthening Triggers Decline in Gold Reference Prices

Jakarta (ANTARA) - The Ministry of Trade (Kemendag) states that the strengthening of the US dollar has triggered a decline in the export benchmark price (HPE) and reference price (HR) for the gold commodity for the second period of May 2026.

In a statement in Jakarta on Thursday, the HPE for gold is set at $150,555.29 per kilogram, down 1.72% from the previous $153,194.87 per kilogram. Meanwhile, the HR for gold has fallen to $4,682.80 per troy ounce (t oz) from $4,764.90 per t oz.

“The decline in HPE and HR for gold is influenced by the strengthening US dollar. Additionally, the rise in US government bond yields, which increases the attractiveness of interest-bearing assets compared to gold as a non-yield asset, has also contributed to the drop in HPE and HR for gold,” said Director General of Foreign Trade at Kemendag, Tommy Andana.

Tommy explained that during the data collection period, gold prices fell by 1.72%. Gold prices are now entering a correction and consolidation phase, encouraging profit-taking actions by investors after previously strengthening in the prior period.

The determination of HPE and HR for gold is stipulated in Ministerial Decree Number 1343 of 2026 on Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. This decree applies to the period of 15-31 May 2026.

The HPE and HR for gold are determined based on technical input from the Ministry of Energy and Mineral Resources (ESDM), which refers to the London Bullion Market Association (LBMA).

The determination is carried out through cross-ministerial and agency coordination involving the Coordinating Ministry for Economic Affairs, the Ministry of ESDM, the Ministry of Finance, and the Ministry of Industry.