Volatility defines March markets

The Perth Mint sold 43,656 troy ounces (oz) of gold and 976,450 oz of silver in minted product form during March 2026.

The month began with heightened geopolitical tension following reports that the United States and Israel had launched offensives on Iran. This initially drove the gold price higher briefly exceeding USD 5,300. While conventional market behaviour suggests rising uncertainty would boost gold, this did not persist. As the conflict continued investor focus shifted towards surging oils and a strengthening US dollar. Declines in global equity markets also prompted investors to liquidate gold positions to raise cash. Together, these factors placed downward pressure on prices with gold falling to a low of around USD 4,400 before recovering slightly on expectations of a potential resolution to the conflict. By month end gold was trading around USD 4,600 representing a monthly decline of approximately 12%. Despite the volatility, gold remains higher on a year-to-date basis.    

In Australian dollar terms, the weaker Australian dollar helped cushion losses. As the US dollar strengthened, the Aussie dollar dropped from 71 cents to 68.5 cents. As a result, gold ended March trading near AUD 6,650 reflecting a smaller monthly decline of around 8.5%.

Silver prices also experienced significant volatility, broadly mirroring the gold sell-off. Prices opened the month near USD 95 before falling sharply to around USD 65, an intramonth drop of more than 30%. This presented a buying opportunity for some investors. By month end silver recovered to approximately USD 73.

In Australian dollar terms, silver closed the month near AUD 105, down more than 15% over the period.  

The Gold Silver Ratio finished March near 62.

Minted products

The Perth Mint sold 43,656 oz of gold and 976,450 oz of silver in minted product form during March.

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

MARCH 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 March result reflected changing market conditions.

“While minted product sales eased in March following a particularly strong February, this reflects the impact of short-term market movements rather than any shift in underlying demand,” Neil said.

“Over both the three and twelve-month periods, sales remain significantly higher, demonstrating the continued strength of global investor interest in high quality precious metals.”

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 Perth 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 March 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)

The Perth Mint’s General Manager Institutions and Business Solutions, John O’Donoghue, said the month underscored the strong link between investor behaviour and broader market dynamics.

“Demand for gold from The Perth Mint followed overall market sentiment across March, with investors responding to heightened volatility and shifting price dynamics,” John said.

“While periods of uncertainty tempered activity at times, we continued to see underlying confidence in gold, particularly as clients looked to capitalise on price movements.”

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 March with holdings down slightly by 352 oz (-0.09%). This brings total holdings in PMGOLD to 391,302 ounces (12.17 tonnes).

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