Indonesia's Gold Export Reference Price Rises in First Period of September 2026

RRI.CO.ID, Jakarta — Indonesia’s Ministry of Trade has officially increased the Export Reference Price (HPE) for gold to US$142,154.10 per kilogram for the first period of September 2026. The new policy, which marks a 7.87 percent increase from the late August period, reflects Indonesia's adaptation to the surging global demand for safe-haven assets.

The decision is stipulated in the Minister of Trade Decision Number 1776 of 2026 concerning Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties. Under this regulation, which takes effect from September 1 to 14, 2026, the reference price (HR) for gold also rose to US$4,421.49 per troy ounce.

Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, stated that the upward revision was directly triggered by a 7.87 percent price surge during the data collection period. He noted that tight market supplies alongside escalating global demand played a central role in driving up benchmark valuations.

“The rise in the HPE and HR of gold in the first period of September 2026 was driven by several factors, one of which was increased demand for gold amid limited supply. Other factors include the depreciation of major global currencies and the decline in bond yields in international markets. In addition, discussions regarding potential cuts to benchmark interest rates by several global central banks have also contributed to positive sentiment surrounding gold price movements,” Tommy mentioned in a written press release on Monday, August 31, 2026.

He also said that macroeconomic pressures and potential interest rate cuts have prompted investors worldwide to reallocate their capital toward less risky assets. This capital flight into gold as a traditional store of value has directly impacted international price dynamics and local benchmark adjustments.

“These dynamics have prompted market participants to shift their capital into gold, which is viewed as a safe haven with a higher degree of stability. This has had a direct impact on rising demand for gold in the global market,” he conveyed.

The Ministry of Trade established the new price figures based on technical data from the Ministry of Energy and Mineral Resources, which references the London Bullion Market Association (LBMA) index. To maintain regulatory alignment, the final policy was formulated through inter-ministerial coordination involving the Coordinating Ministry for Economic Affairs, the Ministry of Finance, and the Ministry of Industry.