Gold and Silver prices surge in August amid renewed market momentum

The Perth Mint sold 23,932 troy ounces (oz) of gold, 333,880 oz of silver and 1,060 oz of platinum in minted product form during August 2026.  

Gold performance during August was characterised by two contrasting narratives. Gold opened the month around USD 4,050 and trended higher, reaching almost USD 4,650 before correcting sharply on the final trading day. 

Gold was supported by perceived positive developments in relations between the United States and Iran, which pushed oil prices and US bond yields lower. Momentum was further boosted by the release of US non-farm payroll data, which unexpectedly showed a decline of 23,000 jobs in July. The weaker-than-expected result increased market expectations that the US Federal Reserve would cut interest rates in December, supporting gold and broader risk assets. 

Additional support came from the US Treasury Department’s announcement that it would double its long-dated bond buyback operations. The move fuelled concerns about potential dollar debasement and contributed to the US dollar falling to multi-month lows. 

Late in the month, Federal Reserve Chair Kevin Warsh delivered a highly anticipated address at the Jackson Hole Economic Policy Symposium, signalling that the central bank may need to raise interest rates further if inflation does not moderate more decisively. The more hawkish tone prompted a sharp pullback in gold prices. 

Despite the late-month correction, gold ended August near USD 4,450, representing a monthly gain of approximately 10%. 

In Australian dollar terms, gold traded as high as AUD 6,500 before also correcting at month end. A stronger Australian dollar, supported by expectations that the Reserve Bank of Australia may need to increase interest rates further in the near term, tempered gains in the local gold price. For the month, gold gained 7.85%, ending August around AUD 6,200. 

Silver continued to trade with significant volatility, recording an intra-month trading range of approximately 25%, highlighting the momentum-driven nature of the market. Silver traded as low as USD 56.50 and as high as USD 71.15 during the month. The factors supporting gold also contributed to silver’s strong performance. By month end, silver was trading near USD 66.50, representing a monthly gain of approximately 15.50%. 

In Australian dollar terms, silver also moved higher, reaching an intra-month high of around AUD 96.50 before easing to close near AUD 92.75, delivering a monthly gain of more than 13%. 

The Gold Silver Ratio was near 66.90 at the end of month reflecting silver’s outperformance during August.  

Platinum continued its recovery throughout August, extending the momentum established in July. Platinum traded as high as USD 1,875 before ending the month around USD 1,800, representing a monthly gain of approximately 10%. 

Minted products 

The Perth Mint sold 23,932 oz of gold, 333,880 oz of silver and 1,060 oz of platinum in minted product form during August. 

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

AUGUST 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 Product Development, Neil Vance, said strong movements in precious metals prices during August provided a dynamic backdrop for minted products with demand spanning both new releases and established bullion products. 

“New silver releases performed strongly during the month, with the 10kg Silver Bullion Horse proving popular with customers and a large percentage of the Brumby mintage also sold,” Neil said. 

“Gold minted bars also continued to see strong demand, particularly as the gold price regained positive momentum towards the end of August.” 

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. 

New bullion releases in August 2026 

• Australian Lunar Series III 2026 Year of the Horse 10 Kilo Silver Bullion Coin 

• Australian Brumby 2026 1oz Silver Bullion Coin 

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 August 2026. They exclude sales of cast bars and other activities including sales of allocated/unallocated precious metals for storage by The Perth Mint.  

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) increased during August with holdings up by 13,137 oz (3.43%). This brings total holdings in PMGOLD to 395,871 ounces (12.31 tonnes). 

PMGOLD nominated as a finalist ETF Product category at the Financial Newswire SQM Research Fund Manager of the Year Awards 2026. 

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

The Perth Mint’s General Manager Institutional and Business Solutions John O'Donoghue said precious metals markets remain sensitive to expectations around monetary policy, with investors closely watching signals from central banks for indications of where interest rates may be headed. 

“After several months of relatively subdued performance, gold regained significant momentum during August,” John said.  

“Its near-term outlook will remain closely tied to expectations around US interest rates and the Federal Reserve’s approach to managing inflation.”