Trade Ministry sets gold reference, export benchmark prices
Wednesday, December 24 2025 - 11:01 AM WIB
By Romel S. Gurky
The Ministry of Trade has set the reference price (HR) and export benchmark price (HPE) for gold, effective from December 23 to December 31, 2025, as the government moves forward with the implementation of export duties on the commodity.
Under Minister of Trade Decree No. 2369 of 2025, issued on December 22 and effective from December 23, the gold reference price is set at US$133,912.59 per kilogram, while the gold export benchmark price is fixed at US$4,165.15 per troy ounce.
Acting Director General of Foreign Trade at the Ministry of Trade Tommy Andana said the introduction of the HR and HPE marks the start of the government’s application of export duty parameters for gold.
“Starting December 23, 2025, the government is implementing the HR and HPE for the gold commodity. For the period December 23–31, 2025, the gold HR is set at US$133,912.59 per kilogram, while the gold HPE is set at US$4,165.15 per troy ounce,” Tommy said.
The move follows a previous government decision to impose export duties on gold starting December 23, 2025, as part of broader efforts to strengthen governance of mineral commodities and encourage higher domestic value addition.
According to Tommy, the determination of the gold HR and HPE was influenced by global market dynamics, including the weakening of the U.S. dollar and increased investor interest in precious metals as a hedge asset.
“The determination of the HPE and HR for the gold commodity is influenced by the weakening of the U.S. dollar and the rising interest of investors in precious metals,” he said.
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The ministry said the pricing benchmarks were established based on technical input from the Ministry of Energy and Mineral Resources (ESDM), referring to the London Bullion Market Association (LBMA) Gold PM Fix at 15:00 for the period November 19 to December 9, 2025. The process was conducted through inter-ministerial coordination involving the Coordinating Ministry for Economic Affairs, the Ministry of Trade, the Ministry of Finance, the Ministry of Industry, and ESDM to ensure transparency and alignment with market conditions.
The gold reference price will serve as the basis for determining export duty (bea keluar) rates, while the export benchmark price will be used as the reference export price in calculating the duty.
The imposition of export duties on gold is regulated under Minister of Finance Regulation (PMK) No. 80 of 2025, issued on November 17, 2025, which designates gold as an export commodity subject to export duty and sets the applicable rates.
According to the regulation, export duties apply to a range of gold products, including raw gold (dore) in the form of lumps, ingots, cast bars, and other forms; gold or gold alloys in unwrought form such as granules; unwrought gold products not classified as dore; and machine-minted gold bars.
The government has said the policy is aimed at improving oversight of gold exports while supporting downstream processing and increasing the value added of Indonesia’s mineral resources.
Editing by Reiner Simanjuntak