Perth Mint’s May gold sales hit over one-year low

Kitco Media
By Reuters
Published:
Updated:
Reuters
Perth Mint’s May gold sales hit over one-year low teaser image

Perth Mint’s gold product sales hit a more than one-year low in May, while silver sales declined 27% month-on-month, the refiner said on Friday.

Sales of gold coins and minted bars last month fell 58% from April to 19,430 ounces, and were down 31% on a year-on-year basis.

Silver sales fell to 363,976 ounces last month from 496,212 ounces in April, and were down about 27% on a year-on-year basis.

“Following an extraordinary start to the year, precious metals sales have eased as gold and silver prices softened from their recent highs and investors increasingly turned their attention to other asset classes,” said Neil Vance, general manager-minted products, Perth Mint.

Spot gold prices fell about 1.9% in May as the Middle East conflict stoked fears of inflation and higher-for-longer interest rates, weighing on the dollar-priced bullion. Silver rose about 2% last month.

Owned by the government of Western Australia, the Perth Mint is the world’s leading producer of newly mined gold and Australia’s largest refiner by volume, according to its website.

(By Pablo Sinha; Editing by Subhranshu Sahu)

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