Indonesia Lifts Gold Export Price on Global Market Shifts

RRI.CO.ID, Jakarta – Indonesia’s gold export prices rose again in the second half of September 2026, driven by developments in global financial markets.

The Ministry of Trade set the Export Reference Price (ERP) for gold at USD 144,469.49 per kilogram for the period September 15–30, marking a 1.63 percent increase from USD 142,154.10 per kilogram in the first half of September.

The Reference Price (RP) for gold also increased to USD 4,493.51 per troy ounce, up from USD 4,421.49 per troy ounce. The rise reflects strengthening gold prices during the government’s data‑collection period.

Director General of Foreign Trade Tommy Andana said shifts in global financial indicators were the main drivers behind the increase in the ERP and RP.

“The rise in the ERP and RP for gold in the second half of September 2026 was triggered by the weakening of major global currencies, a decline in bond yields, and cuts to international policy rates,” Tommy said in a written statement in Jakarta on Tuesday, September 15, 2026, as quoted on the ministry’s official website.

Gold prices strengthened as global markets adjusted to changing expectations regarding monetary policy. The weakening of major currencies and falling bond yields increased gold’s appeal as an investment asset.

The ERP and RP are stipulated in Ministry of Trade Decision No. 1817/2026 on Export Reference Prices and Reference Prices for Mining Products Subject to Export Duties.

The ministry used data and technical input from the Ministry of Energy and Mineral Resources, which references publications by the London Bullion Market Association (LBMA). The setting process also involved the Coordinating Ministry for Economic Affairs, the Ministry of Finance, and the Ministry of Industry.

With the higher ERP, Indonesia’s gold export reference price for the second half of September also increased. The determination is valid from September 15–30 and serves as the basis for imposing export duties on the relevant commodities. ***