The Perth Mint sold 67,249 troy ounces of gold and 1.92 million ounces of silver in minted product form during February, amid a rising gold price driven by the US-Israeli conflict.
Gold began February under pressure following the sharp sell-off at the end of January, briefly trading as low as US$4,400 an ounce. The Perth Mint says these lower levels attracted strong buying interest with investors stepping in to capitalise on what many viewed as ‘attractive’ value underpinned by resilient fundamentals.
As a result, gold’s price pushed back up above US$5,000 an ounce. At the time of writing, gold’s price sat at US$5,022.9 an ounce, on the back of traders continuing to assess the impact of the Middle East conflict on inflation and monetary policy outlook, as reported by Trading Economics.
In Australian dollar terms, a strong dollar tempered gains. Gold fell to $6,400 an ounce before recovering to about $7,300 by the end of the month.
Silver also attracted attention during February. The Perth Mint reports that while demand moderated compared with prior months, investors’ interest remained sold.
Prices opened near US$75 an ounce, climbed to US$85 an ounce, and then rallied alongside gold later in the month to nearly US$90 – representing a 45% increase from early-month lows.
The Perth Mint general manager of minted products Neil Vance says investor demand remains robust despite ongoing market volatility.
“We continue to see strong retail demand for silver products across all key regions, with the one ounce silver kangaroo coin again the standout performer,” Vance says.
“Gold performed strongly during the month, driven primarily by excellent sales of gold kangaroo coins in Australia, Germany and across Asian markets. The combination of global uncertainty and price volatility is clearly creating opportunities for investors, reinforcing demand for trusted, high-quality bullion products.”
The Perth Mint manufactures and sells gold, silver and platinum collector coins.
Write to Aaliyah Rogan at Mining.com.au
Images: ABC Bullion
