Gold sales soar as investors capitalise on volatility

The Perth Mint sold 67,249 troy ounces (oz) of gold and 1,924,964 oz of silver in minted product form during February 2026.  

Gold began the month under pressure following the sharp selloff at the end of January, briefly trading as low as USD 4,400. But these lower levels attracted strong buying interest with investors stepping in to capitalise on what many viewed as attractive value underpinned by resilient fundamentals. This resulted in gold recording its biggest single day rise since November 2008, pushing the price back above USD 5,000. For the remainder of the month gold traded within a narrow and less volatile range around USD 5,000 as Lunar New Year celebrations contributed to softer physical demand across key Asian markets.

Towards the end of the month, gold pushed higher supported by weaker-than-expected US economic data, rising geopolitical tensions surrounding Iran, and market uncertainty following a US Supreme Court decision ruling certain tariffs unlawful, alongside the subsequent application of a 10% tariff under section 122 of the Trade Act. By month end gold was trading near USD 5,200 – modestly higher for February overall and up 19% from its early month lows.  

In Australian dollar terms, a stronger AUD tempered gains. Gold fell to AUD 6,400 before recovering to about AUD 7,300 by month end.  

Silver also attracted attention during February. While demand moderated compared with prior months, investor interest remained solid. Prices opened near USD 75, climbed to around USD 85, dipped, then rallied strongly alongside gold late in the month to trade near USD 90 at month end – an increase of more than 45% from early-month lows. 

In Australian dollar terms silver finished the month near AUD 125. Although this represented a recovery from early month levels, the stronger AUD-USD exchange rate limited local price appreciation.  

The Gold Silver Ratio was near 56 at the end of month having risen to 70 early February.

Minted products 

The Perth Mint sold 67,249 oz of gold and 1,924,964 oz of silver in minted product form during February. 

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

FEBRUARY 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 investor demand remained robust despite ongoing market volatility.

“We continued to see strong retail demand for silver products across all key regions, with the 1oz silver kangaroo coin again the standout performer,” Mr Vance said.

“Gold performed strongly during the month, driven primarily by excellent sales of gold kangaroo coins in Australia, Germany and across Asian markets. The combination of global uncertainty and price volatility is clearly creating opportunities for investors, reinforcing demand for trusted, high-quality bullion products.”

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.

New bullion releases in February 2026

• Australian Kookaburra 2026 1/10 Gold Bullion Coin
• Australian Kookaburra 2026 1/10 Platinum Bullion Coin
• Chinese Myths and Legends Double Phoenix 2026 1oz Gold Bullion Coin
  
  

Bullion sellouts in February 2026

• 2024 125th Anniversary of The Perth Mint 1oz Silver Bullion Coin
• 2024 Wombat 1oz Silver Bullion Coin
• 2024 Next Generation Emu 10oz Piedfort Silver Bullion Coin
• 2025 225th Anniversary of Australian Proclamation Coins 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 February 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.

Total holdings in Perth Mint Gold Structured Product (ASX:PMGOLD) increased during February with holdings up by 9,985 oz (2.62%). This brings total holdings in PMGOLD to 391,654 ounces (12.18 tonnes).

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