Perth Mint sales drop as price volatility cools retail gold and silver demand

Summary:

• Perth Mint gold sales down 35% m/m in March
• Silver sales nearly halved m/m
• Gold: 43,656 oz vs 67,249 oz prior
• Silver: 976k oz vs 1.92mn oz prior
• Both metals still higher year-on-year
• Gold +8% y/y, silver +37% y/y
• March decline tied to price correction
• Gold fell ~11%, silver ~20%
• Reflects short-term market volatility, not demand shift
• Retail demand remains structurally strong

The Perth Mint reported a sharp decline in gold and silver product sales in March, reflecting softer investor demand following a volatile period for precious metals prices.

Gold coin and minted bar sales fell 35% month-on-month to 43,656 ounces, while silver sales dropped nearly 50% to 976,450 ounces. The pullback follows a particularly strong February, suggesting some cooling in retail demand after a surge earlier in the year.

Despite the monthly decline, underlying demand remains firm. Gold sales were still around 8% higher compared with a year earlier, while silver sales were up approximately 37% on the same basis, pointing to sustained investor interest in precious metals over the medium term.

The Perth Mint attributed the drop largely to short-term market dynamics rather than any structural shift in demand. March saw a significant correction in precious metals prices, with gold falling more than 11% and silver dropping around 20% during the month.

The move in prices was driven in part by a reassessment of the interest rate outlook, as rising energy prices linked to the Iran conflict fuelled inflation concerns and reduced expectations for near-term monetary easing. Higher yields and a firmer dollar typically weigh on non-yielding assets such as gold, dampening investor demand in the short term.

The data highlights the sensitivity of retail precious metals demand to price swings and macro conditions. While longer-term interest remains robust, sharp corrections can temporarily reduce buying activity as investors wait for more stable entry points.

As one of the world’s largest refiners and a key barometer of retail investor demand, the Perth Mint’s figures provide a useful snapshot of how individual investors are responding to shifting macro and market conditions.