The Perth Mint’s gold product sales rose 38% in August from the previous month, while silver sales slipped to an eight-month low, the refiner said on Thursday.
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 rose to 30,125 ounces in August, up from 21,891 ounces in the previous month. On a year-on-year basis, sales were up about 16%.
Meanwhile, silver product sales fell about 6% month-on-month to 424,949 ounces in August, marking their lowest level since January.
“We saw strong pre-order momentum from our wholesale partners ahead of our latest Lunar program release for the Year of the Horse,” said Neil Vance, Perth Mint’s general manager of minted products.
“The uptick in gold sales reflects strong early demand, which highlights both the enduring appeal of our Australian Lunar series and market confidence in precious metals,” he added.
Spot gold prices rose 4.8% last month and recorded their best monthly performance since April, buoyed by rising prospects for rate cuts from the US Federal Reserve and a softer dollar.
Meanwhile, silver gained 8% last month and hit a 14-year high on August 31.
(By Anmol Choubey; Editing by Alex Richardson)
