Indonesia’s Ministry of Trade has set a lower export reference price for gold for the second period of November 2026, trimming the rate by 2.02 percent from the first period of the month. The export reference price, known as the Harga Patokan Ekspor or HPE, was fixed at $130,075.60 per kilogram, down from $132,756.02 per kilogram in the first period. The ministry also lowered the separate gold reference price, or Harga Referensi, to $4,045.81 per troy ounce from $4,129.18 per troy ounce.
Reasons behind the cut
Tommy Andana, Director General of Foreign Trade at the Ministry of Trade, said the HPE and HR for gold in the second period of November 2026 were set through cross-ministry and agency coordination based on information, data and input from relevant institutions. He said the decline reflects a strengthening of major world currencies and rising bond yields in international markets, which led investors to shift funds out of gold into other financial instruments offering higher potential returns.
Both prices draw on technical data from the Ministry of Energy and Mineral Resources and on publications from the London Bullion Market Association. The Ministry of Finance and the Ministry of Industry were also involved in setting the new figures. The HPE and HR serve as reference prices for export duty purposes on mining products, including gold.
Wider market backdrop
The new rates were issued under Trade Minister Decree No. 2116 of 2026, which covers export reference prices and reference prices for mining products subject to export duty. In broader market trading, gold stood at $3,878.12 an ounce as of 13 November 2026, near a 31-day low. Separately, weekly CFTC data showed speculators’ net long gold position at 179,548 contracts in the report dated 3 November 2026, down from 186,451 contracts a week earlier.
Related: Indonesia cuts palm oil reference price 6.07% for November · Antam cuts gold bar price to Rp 2,545,000 per gram
Source: Ministry of Trade | Data: Swissquote · CFTC
