Trade ministry raises gold export benchmark prices for early May
Tuesday, May 5 2026 - 07:19 AM WIB
By Romel S. Gurky
The Ministry of Trade has increased its export benchmark price (HPE) and reference price (HR) for gold for the first half of May, reversing declines seen in late April as global prices rebound on stronger safe-haven demand.
The Ministry of Trade set the gold HPE at $153,194.87 per kilogram for the May 1–14 period, up from $147,550.12 per kilogram in the second half of April. The gold reference price (HR) also rose to $4,764.90 per troy ounce from $4,589.33 per troy ounce previously.
The latest benchmarks are stipulated in Trade Minister Decree No. 1030 of 2026 on export benchmark and reference prices for mining products subject to export duties.
Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, said the increase reflects a recovery in global gold prices following a correction at the end of March.
Read also: Indonesia cuts copper, gold export benchmark prices for late April
“During the data collection period, gold prices increased by 3.83%. This rise was driven by growing demand for gold as a safe-haven asset amid global uncertainty, as well as a rebound phase following the correction at the end of March 2026,” Tommy said.
He added that expectations of global monetary policy easing have also supported investor sentiment, contributing to the strengthening of gold prices compared to the previous period.
The rebound marks a turnaround from the second half of April, when both HPE and HR for gold declined amid pressure from a stronger U.S. dollar and elevated global interest rates, which reduced the appeal of non-yielding assets.
The ministry said the HPE and HR are determined based on technical inputs from the Ministry of Energy and Mineral Resources, referring to international benchmarks from the London Bullion Market Association.
The pricing process involves coordination among several government agencies, including the Coordinating Ministry for Economic Affairs, the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Ministry of Finance and the Ministry of Industry, to ensure alignment with market conditions.
Editing by Reiner Simanjuntak