Perth Mint gold sales more than double in February; silver up 11.7%

The Perth Mint’s gold product sales more than doubled in February from the previous month, while silver sales rose 11.7%, 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.

The Perth Mint’s sales of gold coins and minted bars surged 131% to 67,249 ounces in February, a surge from 29,103 ounces in January. On a year-on-year basis, sales were up about 168%.

Silver product sales gained to 1.92 million ounces last month, compared with 1.72 million ounces in January. On a year-on-year basis, silver sales surged about 299%.

“Gold performed strongly during the month, driven primarily by excellent sales of gold kangaroo coins in Australia, Germany and across Asian markets,” said Neil Vance, Perth Mint’s general manager minted products.

“The combination of global uncertainty and price volatility is clearly creating opportunities for investors, reinforcing demand for trusted, high-quality bullion products,” he added.

Spot gold prices rose more than 8% in February. Prices were currently trading around $5,180 per ounce, down from the record high of $5,594.82 hit on January 29.

Meanwhile, silver climbed nearly 11% last month.

(By Ashitha Shivaprasad; Editing by Sherry Jacob-Phillips)