Trade ministry lowers gold benchmark prices for late May on global correction

By Romel S. Gurky

The Ministry of Trade has lowered its export benchmark price (HPE) and reference price (HR) for gold for the second half of May, tracking a correction in global bullion prices amid a stronger U.S. dollar and rising U.S. bond yields.

The ministry set the gold HPE at $150,555.29 per kilogram for the May 15–31 period, down 1.72% from $153,194.87 per kilogram in the first half of May. The gold reference price (HR) also declined to $4,682.80 per troy ounce from $4,764.90 per troy ounce previously.

The latest benchmarks are stipulated in Trade Minister Decree No. 1343 of 2026 concerning export benchmark and reference prices for mining products subject to export duties.

Director General of Foreign Trade at the Ministry of Trade Tommy Andana said the decline in gold prices was mainly influenced by the strengthening of the U.S. dollar and rising yields on U.S. government bonds.

 “The decline in gold HPE and HR was influenced by the strengthening of the U.S. dollar. Rising yields on U.S. government bonds, which increased the appeal of interest-bearing assets compared to gold as a non-yielding asset, also contributed to the decline,” Tommy said in a statement.

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He added that gold prices fell 1.72% during the data collection period, with the market currently entering a correction and consolidation phase after strong gains in the previous period.

According to Tommy, the recent decline also reflected profit-taking activity by investors following the earlier rally in gold prices.

The latest adjustment reverses gains recorded in the first half of May, when the ministry raised both the HPE and HR for gold on stronger safe-haven demand amid global economic uncertainty.

The ministry said the HPE and HR were determined based on technical inputs from the Ministry of Energy and Mineral Resources, referring to international benchmark prices published by the London Bullion Market Association (LBMA).

The pricing process involved coordination among several government agencies, including the Coordinating Ministry for Economic Affairs, the Ministry of Energy and Mineral Resources, the Ministry of Finance and the Ministry of Industry.

Editing by Reiner Simanjuntak