The Perth Mint’s gold product sales fell 33% in July from the previous month, while silver sales slipped to a six-month low, the refiner said on Wednesday.
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 July decreased 33% to 21,891 ounces from the previous month. On a year-on-year basis, sales were down about 14%.
Silver product sales fell about 2.5% month-on-month to 452,132 ounces in July, marking their lowest level since January.
“While July’s gold sales were softer compared with previous months, this is in line with typical seasonal patterns, particularly as trading activity slows across the northern hemisphere during summer,” said Neil Vance, Perth Mint’s general manager of minted products.
Spot gold prices eased 0.4% last month and registered their first monthly fall of the year, as easing global trade tensions weighed on safe-haven demand.
Meanwhile, silver gained 1.8% last month following more than 9% gains in June.
(By Brijesh Patel; Editing by Sherry Jacob-Phillips)
