Indonesia's Finance Ministry Regulation No. 80 of 2025 took effect on December 23, 2025, setting export duties on specified gold products that reach 15% when the reference price is at least $3,200 a troy ounce.
The duties — which vary by product type and reference price — reflect a push to keep more bullion at home as domestic supply struggles to keep up with local investment demand.
It's part of a wider trend: a 2026 survey found 84% of reserve managers expect gold to make up a larger share of reserves within five years, while producing nations from Laos to China tighten their grip on local output.
