Investor focus shifts as precious metals prices soften
The Perth Mint sold 19,430 troy ounces (oz) of gold, 363,976 oz of silver and 826 oz of platinum in minted product form during May 2026.
The ongoing conflict in the Middle East continued to influence movements in the gold price during May. However, a strengthening US dollar weighed on the precious metal, reversing the trend seen earlier in the year when the greenback had lost some of its appeal.
At the same time, record highs in US equity markets, particularly among AI-related stocks, reduced investor demand for gold as a safe-haven asset.
Gold traded within a relatively narrow range throughout the month extending the pullback from the record highs reached earlier in 2026. Gold closed May at approximately USD 4,520, down a little over 2% for the month.
In Australian dollar terms, the strength of the local currency continued to place downward pressure on gold prices. The Australian dollar reached its highest level in almost four years during May, trading above USD 0.7250. After peaking at AUD 6,530 mid-month, gold eased to finish May around AUD 6,315, representing a monthly decline of approximately 2.5%.
Silver experienced significant volatility throughout the month, driven largely by momentum trading and investor positioning. The metal reached an intramonth high of USD 88, up 23% from the start of May, before retreating sharply to USD 74. Silver recovered modestly towards month-end to finish slightly above USD 75, delivering a monthly gain of almost 3%.
In Australian dollar terms, silver closed near AUD 105, an increase of nearly 2% for the month, although it traded as high as AUD 122 during May.
The Gold Silver Ratio was near 60.40 at the end of month.
Platinum traded within a relatively narrow range during May as investors continued to favour alternative asset classes. The metal closed the month around USD 1,910, down approximately 1.5% over the period.
Minted products
The Perth Mint sold 19,430 oz of gold, 363,976 oz of silver and 826 oz of platinum in minted product form during May.
The table below highlights how these numbers compare to sales seen one month, three months and one year ago.
Insert table
MAY 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 physical precious metals had moderated following an exceptional start to the year.
"Following an extraordinary start to the year, precious metals sales have eased as gold and silver prices softened from their recent highs and investors increasingly turned their attention to other asset classes," Mr Vance said.
"Despite those market conditions, we were pleased to see strong interest in the launch of our one-ounce silver bullion Koala and Emu coins during May, highlighting the ongoing appeal of high-quality precious metal products among collectors and investors alike."
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 May 2026:
- 2026 Australian Koala 1kg 99.99% Silver Bullion Coin
- 2026 Australian Koala 1oz 99.99% Silver Bullion Coin
- 2026 Australian Emu 1oz 99.99% Silver Bullion Coin
- 2026 Australian Emu 1oz 99.99% Gold 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 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 webpage.
Total holdings in Perth Mint Gold Structured Product (ASX:PMGOLD) decreased during May with holdings down by 1,305 oz (-0.33%). This brings total holdings in PMGOLD to 389.230 ounces (12.11 tonnes).
MONTHLY CHANGE IN TROY OUNCES HELD BY CLIENTS IN PERTH MINT GOLD STRUCTURED PRODUCT (ASX:PMGOLD) MAY 2023 TO MAY 2026.
The Perth Mint’s General Manager Institutions and Business Solutions, John O’Donoghue, said recent market volatility continued to highlight the role of precious metals in diversified investment portfolios.
"The sharp movements in precious metals markets in recent months highlight the ongoing volatility in the sector, particularly after a strong period of price growth," he said.
"While demand eased in May, PMGOLD and our depository services continued to be used by long-term investors as part of their wealth preservation strategies, and it is pleasing to see PMGOLD recognised as a finalist in the Fund Manager of the Year Awards 2026 by Money Management Australia."
