The Perth Mint’s gold product sales in May softened to a three-month low as investor confidence lifted on the back of positive trade sentiment and reduced market volatility, the refiner said on Friday, while silver sales fell 31% from the prior month.
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.
Sales of gold coins and minted bars in May decreased about 35% to 28,244 ounces from the previous month, marking their lowest levels since February. On a year-on-year basis, they were up about 22%.
Silver product sales fell about 31% to 496,707 ounces in May, on a monthly basis. This is their lowest level since February.
“Precious metal markets naturally ebb and flow, but what remains constant is the trust our customers place in the quality and craftsmanship of our Minted Products,” said Neil Vance, Perth Mint’s general manager of minted products.
Gold prices have surged nearly 28% this year, hitting a record high of $3,500.05 on April 22. While the metal has eased slightly since then, analysts remain bullish, citing strong underlying support.
Meanwhile, silver has gained more than 22% so far this year and hit a 13-year high on Thursday.
(By Sherin Elizabeth Varghese; Editing by Stephen Coates)
