Trade ministry lowers gold export benchmark price for second half of June

By M Zaki Mubarok

The Trade Ministry has lowered the country's benchmark export price and reference price for gold for the second half of June, citing weaker global demand and pressure on prices from high interest rates in major economies.

The ministry set the gold Export Benchmark Price (HPE) at $143,190.64 per kilogram for the June 15-30 period, down 3.51% from $148,396.49 per kilogram in the first half of June, according to a statement issued on Wednesday.

The Reference Price (HR) for gold was also reduced to $4,453.73 per troy ounce from $4,615.65 per troy ounce previously.

The new prices were established under Trade Minister Decree No. 1453 of 2026 and will be used in determining export duties on mining products subject to the levy.

Tommy Andana, the ministry's Director General of Foreign Trade, said gold prices declined during the reference period due to persistently high interest rates in several advanced economies.

"The decline in the gold HPE and HR for the second period of June 2026 was driven by high interest rate policies in various advanced economies, which put pressure on gold prices," Tommy said.

He added that higher interest rates had reduced investor appetite for gold by increasing the attractiveness of interest-bearing assets.

Global demand for gold has also weakened amid continued volatility in international markets, while stable supply conditions have contributed to a correction in prices, he said.

The benchmark and reference prices were determined based on data and technical recommendations from the Energy and Mineral Resources Ministry, using price references published by the London Bullion Market Association.

The ministry said the pricing process involved coordination with the Coordinating Ministry for Economic Affairs, the Energy and Mineral Resources Ministry, the Finance Ministry and the Industry Ministry.

Editing by Reiner Simanjuntak