The Perth Mint’s gold product sales in June fell 33.7% from the previous month, while silver sales were at their lowest level since last October, the refiner said in a blog post on Thursday.
Monthly sales of gold coins and minted bars declined to 65,281 ounces from 98,515 ounces in May. Sales of silver products were at 1,523,765 ounces in June, down 31.3% on a monthly basis.
There’s been a significant slowdown in demand for Australian gold bullion coins in Germany, said Neil Vance, general manager - minted products.
Benchmark spot gold prices dropped 1.6% in June, their third straight monthly fall, pressured by interest rate hikes by major central banks and a robust US dollar.
Meanwhile silver prices shed about 6%.
The Perth Mint, owned by the government of Western Australia, is the world’s largest producer of newly mined gold and the highest volume refiner in Australasia, according to its website.
Gold edges lower as July rate hikes loom
The intake each year equates to almost 75% of newly mined gold in Australia, one of the world’s biggest gold producers.
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