Precious metal prices soften as other assets to the fore

The Perth Mint sold 29,730 troy ounces (oz) of gold, 293,732 oz of silver and 826 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 has supported a stronger US dollar in the near term, reversing the narrative around the US dollar debasement trade. This has contributed to higher real yields and weighed on gold prices. However, this is only part of the story for FY25/26. During the first seven months of the financial year, gold rallied to numerous record highs and, by the end of January, was trading at USD 5,589. Several factors supported this impressive performance, including ongoing central bank purchases, ETF inflows, a softer US dollar, and sustained momentum-driven buying and market positioning. Despite the significant volatility experienced over the past 12 months, gold finished the year trading just above USD 4,000 as of 30 June, representing a gain of more than 22%.

In Australian dollar terms, local investors experienced both the rally to record highs and the subsequent correction. However, a stronger Australian dollar, which appreciated by approximately 5% over the period, tempered some of the gains. By the end of June, gold was trading around AUD 5,835, delivering an overall annual gain of approximately 16%. For context, gold reached a peak of almost AUD 7,800 in late January.

Silver prices also experienced significant volatility throughout the year. While industrial demand remained strong, supported by growth in the solar, electronics, and AI data centre sectors, the metal continued to be susceptible to sharp moves driven by momentum trading and investor positioning. Silver was trading around USD 36 in July before rallying to more than USD 115, supported largely by market momentum and speculative positioning. Following these record highs, prices retreated and were trading near USD 59 by the end of June. During June alone, silver declined by more than 20%. Despite this pullback, silver remained approximately 60% higher over the 12-month period.

In Australian dollar terms, silver breached the AUD 100 level for the first time and traded above that threshold for extended periods during the year. However, by the end of June, silver had fallen back to around AUD 85, still representing an annual gain of approximately 54%.

The Gold Silver Ratio was near 68 at the end of month.

Platinum traded within a narrow range during May, similar to gold, as alternative investments proved more attractive to investors. Platinum closed the month around USD 1,910, marking a decline of approximately 1.5% over the period.

Minted products

The Perth Mint sold 29,730 oz of gold, 293,732 oz of silver and 826 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 Minted Products, Neil Vance, said…….

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.

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 May 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 web page. 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