Precious metals steady despite currency and geopolitical pressures

The Perth Mint sold 46,106 troy ounces (oz) of gold, 496,212 oz of silver and 3,056 oz of platinum in minted product form during April 2026.

Ongoing conflict in the Middle East remained the key influence on global markets in April. Gold opened the month at around USD 4,550 tracking higher alongside other asset classes on expectations of a ceasefire, which was ultimately declared for a two-week period. During this time, gold reached a high of almost USD 4,900. However, continued geopolitical uncertainty, a stronger US dollar due to higher oil prices, and persistent inflation concerns weighed on sentiment later in the month. Gold eased back to a low of around USD 4,610 before recovering slightly, finishing April up around 1.50%.

In Australian dollar terms, a stronger local currency tempered gold’s performance. The Australian dollar traded at near four-year highs against the US dollar, reaching around 72 cents. As a result, gold declined from an early April high of AUD 6,930 to trade around AUD 6,450 by month end.

Silver prices again experienced significant volatility. Its dual role as an industrial metal and a safe-haven asset continued to drive price movements, with industrial demand providing support. Silver traded as low as USD 69 before surging to USD 83 and then easing to USD 73 to record a minor gain over the month.

In Australian dollar terms, silver closed the month near AUD 103, down almost 4% over the period, largely reflecting currency movements.

The Gold Silver Ratio was approximately 62.50 at the end of April.

Platinum followed a similar trajectory to gold and silver, responding to the ongoing developments in the Middle East and broader market conditions.

Minted Products

The Perth Mint sold 46,106 oz of gold, 496,212 oz of silver and 3,056 oz of platinum in minted product form during April.

The table below highlights how these numbers compare to sales seen one month, three months and one year ago.

APRIL 2026 SALES OF GOLD AND SILVER SOLD AS COINS AND MINTED BARS (TROY OUNCES) AND CHANGE (%) RELATIVE TO PRIOR PERIODS.

The Perth Mint’s General Manager Minted Products, Neil Vance, said demand for minted products in April was broadly consistent across the Mint’s core range.

“This reflects steady global interest despite a more volatile pricing environment,” he said.

“Pleasingly, we also saw a positive response to the launch of our new Wonders of Australia series across gold, silver and platinum.”

The Perth Mint manufactures and markets the Australian Precious Metal Coin and Minted Bar Program. Trusted worldwide for their purity and quality, the coins include annual releases of the renowned Australian kangaroo, kookaburra, koala, and lunar series. In addition, periodic releases and series offer investors a choice of alternative design themes. Learn more about the Mint’s upcoming releases.

Please note: The figures stated in this article are for total monthly ounces of gold and silver shipped as minted products by The Perth Mint to wholesale and retail customers worldwide during April 2026. They exclude sales of cast bars and other activities including sales of allocated/unallocated precious metals for storage by The Perth Mint Depository.

Perth Mint Gold Structured Product (ASX:PMGOLD)

Perth Mint Gold Structured Product is a low-cost exchange traded product (ETP) that allows investors to trade in gold via a stockbroking account as they would shares on the ASX. To learn more, visit the PMGOLD webpage.

Total holdings in Perth Mint Gold Structured Product (ASX:PMGOLD) decreased during April with holdings down by 767 oz (-0.20%). This brings total holdings in PMGOLD to 390,534 ounces (12.15 tonnes).

MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD STRUCTURED PRODUCT (ASX:PMGOLD) April 2023 TO April 2026

The Perth Mint’s General Manager Institutions and Business Solutions, John O’Donoghue, said investors continued to respond to the rapidly shifting global environment throughout the month.  

“Volatility remained a defining feature of the market in April, with investors closely watching developments in the Middle East and movements in the Australian dollar,” John said.

“This environment is reinforcing the role of precious metals as a portfolio stabiliser, even as short-term pricing fluctuates.”