In contrast, the HPE for gold increased from USD 159,475.43 per kilogram to USD 161,568.53 per kilogram. The Reference Price (HR) for gold also rose from USD 4,960.24 per troy ounce to USD 5,025.35 per troy ounce.

The provisions are stipulated in Minister of Trade Decree No. 375/2026 on Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duty, dated February 27, 2026, and effective for the period of March 1–14, 2026.

Director General of Foreign Trade, Tommy Andana, said the decline in the HPE for copper concentrate was influenced by profit-taking and a strengthening US dollar amid a consolidation phase in global copper prices.

During the data collection period, copper prices on the London Metal Exchange (LME) surpassed USD 13,000 per ton, reaching around USD 13,300 per ton on February 11, before correcting to the USD 12,500–12,700 range and moving back toward USD 13,200 per ton by the end of February 2026.

Copper prices fell 1.44 percent, and silver declined 15.09 percent during the calculation period, while gold rose 1.31 percent.

“The increase in gold prices was driven by rising safe-haven demand as well as purchases by several global central banks amid increasing global economic challenges,” Tommy said in Jakarta on Saturday, February 28, 2026, as quoted on the ministry's official website.

The ministry said the increase in the gold HPE for the first half of March 2026 was driven by purchases by several global central banks amid global economic dynamics.

The determination of the HPE and HR is based on technical input from the Ministry of Energy and Mineral Resources, which refers to international market prices. Copper prices refer to the LME, while gold and silver prices refer to the London Bullion Market Association (LBMA).

The process also involves the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry. ***