March 7 (Reuters) - The Perth Mint's gold product sales jumped in February, while silver sales rose 16% from the previous month, the refiner said on Friday, driven by strong demand.
WHY IT IS IMPORTANT
The Perth Mint, owned by the government of Western Australia, is the world's leading producer of newly mined gold. It is also the largest refiner by volume in Australia, according to its website.
Each year, it processes nearly 75% of Australia's newly mined gold, making it a significant player in one of the world's top gold-producing countries.
BY THE NUMBERS
Sales of gold coins and minted bars rose to 25,103 ounces in February, up 35% from January. On a year-on-year basis, they were down 47%.
Silver product sales increased to 482,451 ounces in February.
KEY QUOTES
"It is heartening to see the increase in sales on January levels given precious metals prices remain at record highs," said Neil Vance, Perth Mint's general manager of minted products.
CONTEXT
Concerns about U.S. President Donald Trump's tariff measures have driven up the prices of safe-haven gold to 11 record highs this year, peaking at $2,956.15 on February 24, and culminating in an overall year-to-date gain of 11.2%.
Meanwhile, silver gained over 13% so far this year.
Reporting by Noel John in Bengaluru; Editing by Chris Reese
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