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Perth Mint’s May gold sales slip to 3-month low

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 gold product sales in May softened to a three-month low as investor confidence lifted on the back of positive trade sentiment and reduced market volatility, the refiner said on Friday, while silver sales fell 31% from the prior month.

Sales of gold coins and minted bars in May decreased about 35% to 28,244 ounces from the previous month, marking their lowest levels since February. On a year-on-year basis, they were up about 22%

Gold prices have surged nearly 28% this year, hitting a record high of $3,500.05 on April 22. While the metal has eased slightly since then, analysts remain bullish, citing strong underlying support. 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.

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