Indonesia Sets Gold Export Benchmark and Reference Prices for 1–14 November 2026
The Ministry of Trade has set new Export Benchmark and Reference Prices for gold for the first half of November 2026. Under Minister of Trade Decree No. 2061 of 2026, the Export Benchmark Price (HPE) is USD 132,756.02 per kilogram and the Reference Price (HR) is USD 4,129.18 per troy ounce. The Decree was stipulated in Jakarta on 28 October 2026. Although it took effect on that date, the prices it sets apply from 1 to 14 November 2026.
Regulatory framework
The determination implements Articles 2(1) and 5(2) of Minister of Trade Regulation No. 46 of 2025, which governs the procedures for determining Export Benchmark Prices and Reference Prices for mining products subject to Export Duty.
In setting the prices, the Ministry considers written proposals and coordinates with relevant ministries, non-ministerial government institutions, and technical agencies. The HPE and HR for gold are determined based on international gold price data published by the London Bullion Market Association (LBMA). These benchmark prices provide a basis for determining export values and calculating Export Duty on gold.
Gold prices decline from the previous period
The new determination reflects a decrease compared with the second period of October 2026. The HPE for gold fell by 1.68%, from USD 135,024.36 to USD 132,756.02 per kilogram. The HR also declined, from USD 4,199.73 to USD 4,129.18 per troy ounce.
According to the Ministry of Trade, the decline was influenced by global market developments, including the strengthening of major currencies and rising international bond yields. These conditions encouraged investors to shift some of their investments from gold to other financial instruments.
Considerations for exporters
Exporters of gold products subject to Export Duty should use the HPE and HR applicable to the relevant period when preparing export administration and calculating their obligations. They should confirm that the benchmark prices used correspond to the period covered by the Decree and take account of the applicable customs and Export Duty requirements, including those under Minister of Finance Regulation No. 80 of 2025.
Because these prices are adjusted periodically, exporters should monitor new determinations and check which HPE and HR apply to each export period. Using the applicable prices helps ensure that export values and related obligations are calculated with reference to the correct period.
Legal consequences and effective period
Decree No. 2061 of 2026 does not introduce new administrative or criminal sanctions. Exporters remain subject to the existing requirements for the assessment and payment of Export Duty under applicable customs legislation. Non-compliance may result in the consequences provided by the relevant regulations, including payment liabilities and administrative sanctions where the legal requirements are met.
The Decree itself took effect on 28 October 2026. The HPE and HR established under it apply only from 1 to 14 November 2026. Exporters should use these prices for that period and refer to the subsequent determination for the next period.
For gold exporters, the key takeaway is to apply the HPE and HR set for the relevant export period and review their Export Duty obligations against the applicable regulations. Saka & Nugrah Counsellors at Law can assist businesses in assessing how these requirements apply to their export activities.
This article is for general informational purposes only and does not constitute legal advice. Companies should assess how the applicable regulations affect their specific circumstances.