Indonesia Implements New Gold Export Pricing for December 2025

Regulatory Background

The Indonesian Ministry of Trade has issued Ministerial Decree No. 2369/2025, establishing the Reference Price (HR) and Export Benchmark Price (HPE) for gold exports. The HR for gold has been set at US$133,912.59 per kilogram, while the HPE has been fixed at US$4,165.15 per troy ounce for the period between December 23 and December 31, 2025. This regulatory measure aims to provide a standardized pricing mechanism for gold exports, ensuring consistency in export duty calculations.

Implementation Details

The new pricing mechanism came into effect on December 23, 2025, as announced by Tommy Andana, Acting Director General of Foreign Trade at the Ministry of Trade. The decision is designed to bring transparency and fairness to the export of gold by establishing clear benchmark prices. The Ministry's move is expected to impact gold exporters as they adjust to the new reference prices for their transactions during the specified period.

Market Implications

The implementation of these reference prices will likely have significant implications for Indonesia's gold export industry. By setting clear benchmark prices, the government aims to ensure that export duties are calculated fairly and consistently. This move may influence the competitiveness of Indonesian gold exports in the global market, particularly during the remaining days of December 2025.