Gold and silver finish FY25/26 well ahead despite late pullback

The Perth Mint sold 29,730 troy ounces (oz) of gold, 293,732 oz of silver and 1,204 oz of platinum in minted product form during June 2026.

Gold prices continued to soften in June, falling below the USD 4,000 level for the first time since early November 2025. Over the June quarter, gold declined by more than 14%. The recent conflict in the Middle East supported a stronger US dollar, reversing the narrative around US dollar debasement and contributing to higher real yields, which weighed on gold prices.

However, this was only part of the story for FY25/26. During the first seven months of the financial year, gold rallied to successive record highs and, by the end of January, was trading at USD 5,589. The rally was supported by several factors, including ongoing central bank buying, ETF inflows, a softer US dollar and sustained momentum-driven buying. While prices moderated in the second half of the financial year as investors shifted towards higher-risk assets, gold finished June trading just above USD 4,000, representing an annual gain of more than 22%.

In Australian dollar terms, investors experienced both the rally to record highs and the subsequent correction. However, the appreciation of the Australian dollar by around 5% over the financial year tempered some of those gains. By the end of June, gold was trading at approximately AUD 5,835, delivering an annual gain of around 16%. For context, gold reached a record high of almost AUD 7,800 in late January.

Silver also experienced significant volatility throughout FY25/26. Strong industrial demand, underpinned by growth in the solar, electronics and AI data centre sectors, continued to support the metal, while investor sentiment and momentum-driven trading contributed to sharp price movements. Silver began the financial year trading around USD 36 before rallying to more than USD 115 at its peak. Following those record highs, prices retreated to around USD 59 by the end of June. Although silver declined by more than 20% during June, it still finished the financial year approximately 60% higher than where it began.

In Australian dollar terms, silver traded above AUD 100 for the first time and remained above that level for extended periods during the financial year. By the end of June, it had eased to around AUD 85, representing an annual gain of approximately 54%.

The Gold Silver Ratio finished the month near 68.

Platinum also ended the financial year on a softer note, trading within a relatively narrow range during June as investor interest shifted towards alternative assets. Platinum closed the month at around USD 1,910, down approximately 1.5% over the period.

Minted products

The Perth Mint sold 29,730 oz of gold, 293,732 oz of silver and 1,204 oz of platinum in minted product form during June.

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

June 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 investor demand remained selective during June, with customers favouring established gold products.

“Gold Kangaroos and our minted gold bars both recorded stronger sales during June, demonstrating that investors continue to favour trusted bullion products even as prices moderated.”

“Without a major silver product release during June, silver sales returned to more typical levels after a particularly active first half of the financial year.”

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 June 2026

• Chinese Myths and Legends Dragon and Horse 2026 1oz Silver Bullion Coin
• Australian Lunar Series III 2026 Year of the Horse 1/10oz Platinum 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 June 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 June with holdings down by 7,506 oz (-1.93%). This brings total holdings in PMGOLD to 381,724 ounces (11.87 tonnes).

PMGOLD was a finalist in the Passive-Fixed Income/Alternatives Fund of the Year category of the Fund Manager of the Year Awards 2026.

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

The Perth Mint’s General Manager Institutions and Business Solutions, John O’Donoghue, said the past financial year demonstrated just how quickly market conditions can evolve, with exceptional early momentum followed by a period of consolidation.

"FY25/26 really was a tale of two markets. The first seven months delivered an extraordinary rally, with gold reaching successive record highs as investors responded to economic uncertainty, central bank buying and strong investment demand.

"While market conditions became more subdued in the second half of the year as investors shifted towards higher-risk assets, the broader picture remains very positive. Gold still finished the financial year more than 20 per cent higher in US dollar terms, reinforcing its enduring role as a long-term store of value through changing market cycles."