The Perth Mint’s gold product sales hit their highest in three years in October, while silver sales surged 83% from the previous month to a two-year high, 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.
Gold prices have soared by more than half this year to a series of record highs on concerns over the economic impact of simmering trade tensions, geopolitical instability, and expectations of US interest rate cuts.
Spot prices gained 3.7% in October, hitting an all-time peak of $4,381.21 on October 20. Silver rose in tandem, also hitting a record high of $54.47 an ounce last month.
The Perth Mint’s sales of gold coins and minted bars rose to 85,603 ounces in October, up from 36,595 ounces in September. On a year-on-year basis, sales were up about 186%.
Silver product sales rose about 83% month-on-month to 1.061 million ounces in October, their highest level since September 2023.
Neil Vance, Perth Mint’s general manager of minted products, said retail demand remained robust globally, with the US showing particular strength in gold minted bars and Europe recording solid sales in gold coins.
“The rising gold price drove strong interest across the board, while silver demand surged following the launch of our 2026 Silver Kangaroo coin,” he said.
(By Noel John; Editing by Jan Harvey)
