RRI.CO.ID, Jakarta – The Indonesian Ministry of Trade has adjusted the export reference price (ERP) and reference price (RP) for gold for the first period of July 2026.

The decrease reflects weakening global gold prices amid shifting investor sentiment away from safe-haven assets.

The ministry set the gold ERP at USD 135,512.62 per kilogram for the period July 1–14, down 5.36 percent from the second period of June 2026, which stood at USD 143,190.64 per kilogram. Meanwhile, the gold RP was adjusted to USD 4,214.92 per troy ounce, down from USD 4,453.73 per troy ounce.

The ministry’s Director General of Foreign Trade, Tommy Andana, said the strengthening of the US dollar and rising US government bond yields were the main factors putting downward pressure on global gold prices.

“In addition, interest rate policies that remain at high levels are also weighing on gold prices because gold does not provide returns in the form of interest or dividends, so investors tend to shift to interest-bearing instruments that offer more certain returns,” Tommy said in a statement in Jakarta, as quoted on the ministry’s official website on Wednesday, July 1, 2026.

According to Tommy, the shift in investor interest toward interest-bearing financial instruments has weakened global demand for gold. Meanwhile, supply remains stable, so the correction in international gold prices has also lowered the ERP and RP.

Tommy emphasized that the ERP and RP settings for gold are based on technical data from the Ministry of Energy and Mineral Resources, which refers to publications by the London Bullion Market Association (LBMA).

“The setting of the ERP and RP for gold is the result of coordination across ministries and agencies, taking into account various data and information, including input from the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry,” he said.

These provisions are outlined in the Minister of Trade Decree No. 1505/2026 concerning Export Reference Prices and Reference Prices for Mining Products Subject to Export Duties. ***