Treasury Secretary James A. Baker III, who stunned the financial world last week by suggesting that gold prices be included among key indicators used to coordinate currency exchange rates, had no intention of triggering a move to a gold standard, an administration official said yesterday.

The official, speaking on background, said Baker's intention in his speech to the International Monetary Fund/World Bank annual meeting was only to suggest that a commodities basket, including gold, be added "as an analytical tool" in the economic coordination process being evolved by the Group of Seven countries.

The Group of Seven, known as the G-7, consists of the finance ministers of the United States, Japan, West Germany, France, England, Italy and Canada.

But the official acknowledged that there could be an "intermediate step" between using the commodities basket, including gold, as an information guide for exchange rate purposes and returning all the way to a gold standard. The middle ground would be linking monetary policy to a commodities price indicator, of which gold would be one small part.

The administration official stressed, however, that Baker has made no commitment beyond the first step he had proposed, that is, using the commodity prices as "an analytical tool which can be useful in its own right and as an improvement in our indicators exercise." He added that there is no agreement yet among the G-7 ministers on using a commodities index, how such an index might be constructed -- for example, what weight gold would have in it -- or how it would be used.

Baker himself has refused to elaborate on his suggestion, referring questioners to the text of his speech, which he says is clear and speaks for itself. But in an interview yesterday he added that "politics had nothing to do with it."

Rudiger Dornbusch, an economist at the Massachusetts Institute of Technology, wrote in an article in The New York Times on Wednesday that as a strong ally of Vice President Bush, "Baker is eager to steal {Bush's} opponents' rhetorical thunder." Dornbusch cited presidential candidate Jack Kemp's long advocacy of a gold-based money system, and said that gold also fits the Rev. Pat Robertson's "fundamentalism."

Baker also said in the interview that his proposal had "the strong backing of the president." President Reagan is known to have a philosophic commitment to a gold standard, but is said to acknowledge that it is almost impossible to achieve.

Separately, in an appearance before the U.S. Information Agency's International Council, Baker gave a nod of approval to the recent half-point discount rate boost by the Federal Reserve Board, even though "nobody likes to see interest rates go up."

Baker told that group, however, "we don't want to see inflation come back either." Therefore, "a little bit of {interest rate} movement earlier can save a lot more later on." Baker's comments lifted the dollar slightly in exchange markets, dealers said.

Baker is known to support fully a comment that Federal Reserve Board Chairman Alan Greenspan made on "This Week with David Brinkley" on ABC-TV last Sunday. When asked if "monetary policy ... ought to change at the Fed depending on whether the indicators go up or down," Greenspan responded:

"If we did, we'd be going on a gold standard, or on a commodity standard, and I think that would be inappropriate at this stage."

Greenspan said the purpose of including gold as an indicator is to make sure that exchange rates are not stabilized at an excessively inflationary level. If the price of gold, a highly sensitive commodity, is skyrocketing while exchange rates are stable, "it would in a sense be saying to all of the countries that we are not keeping monetary restraint at an appropriate level," the Fed chairman said.