Rising Demand Drives Increase in Global Gold Prices

The increase is driven by rising demand for gold as a safe-haven asset amid global uncertainties, as well as a rebound phase following the correction at the end of March 2026. Jakarta (ANTARA) - The Ministry of Trade (Kemendag) states that the rise in the export benchmark price (HPE) and reference price (HR) for gold commodities for the first period of May 2026 is influenced by increasing demand for gold as a safe-haven asset amid global uncertainties. In a statement in Jakarta on Thursday, the Director General of Foreign Trade at Kemendag, Tommy Andana, mentioned that the HR for gold increased from $4,589.33 per troy ounce (t oz) to $4,764.90 per t oz. Meanwhile, the value of the HPE for gold rose to $153,194.87 per kilogram. “This increase is driven by rising demand for gold as a safe-haven asset amid global uncertainties, as well as a rebound phase following the correction at the end of March 2026,” he said. Tommy added that the gold price rose by 3.83 percent during the data collection period. The HPE and HR for gold commodities are set based on technical input from the Ministry of Energy and Mineral Resources (ESDM), which refers to international market prices. Gold prices refer to the London Bullion Market Association (LBMA). The determination process is carried out through cross-ministerial and institutional coordination involving the Coordinating Ministry for Economic Affairs, the Ministry of ESDM, the Ministry of Finance, and the Ministry of Industry. This coordination ensures that HPE and HR policies are implemented transparently and in accordance with market dynamics.