Trade Ministry: Rising demand drives increase in gold export benchmark price
Jakarta (ANTARA) - The Ministry of Trade (Kemendag) has stated that the increase in the export benchmark price (HPE) and reference price (HR) for gold in the first period of September 2026 was driven by rising demand for the precious metal in the global market, while supply remains relatively limited.
“The increase in the HPE and HR for gold in the first period of September 2026 was driven by several factors, one of which is the increase in gold demand amid limited supply,” said Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, in a statement in Jakarta on Tuesday.
Tommy said other factors include the depreciation of major world currencies and the decline in bond yields in international markets.
In addition, the discourse on benchmark interest rate cuts by a number of global central banks has also provided positive sentiment for gold price movements.
According to Tommy, these conditions have encouraged investors to shift liquidity to gold, which is seen as a safe haven asset amid uncertainty in global financial markets.
“These dynamics have encouraged market players to shift their capital to gold instruments, which are considered a safe haven with a higher level of stability. This has had a direct impact on increasing gold demand in the global market,” Tommy explained.
The Ministry of Trade has set the HPE for gold at USD 142,154.10 per kilogram for the first period of September 2026. This represents an increase of 7.87 percent from the second period of August 2026, which stood at USD 131,777.67 per kilogram.
Meanwhile, the HR for gold increased to USD 4,421.49 per troy ounce (t oz) from the previous period’s USD 4,098.75 per t oz.
The determination of the HPE and HR for gold is stipulated in Minister of Trade Regulation (Kepmendag) Number 1776 of 2026 concerning Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. The regulation is effective for the period of 1-14 September 2026.
Tommy added that the HPE and HR for gold 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 involves the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.
The determination of the HPE and HR for gold is carried out through cross-ministerial and institutional coordination, taking into account information, data, and technical input from relevant ministries and institutions.