Precious metal sales rebound as lunar releases shine

The Perth Mint sold 47,300 troy ounces (oz) of gold, 605,408 oz of silver and 4,711 oz of platinum in minted product form during September 2026.  

Gold trading was influenced by developments in energy markets, inflation and interest rate expectations, concerns regarding the underlying strength of the US economy, and the conflict in the Middle East.  

As broadly anticipated, the US Federal Reserve increased the benchmark federal funds rate by 25 basis points at its September meeting. Throughout the month, a range of economic indicators presented a mixed picture of the US economy, resulting in uncertainty across financial markets and limiting directional conviction. US treasury yields hit multi-year highs as investors adjusted expectations for the trajectory of monetary policy.  

Mid-month, gold was trading close to USD 4,400 before softening to around USD 4,200. The combination of higher bond yields and a stronger US dollar weighed on investor sentiment, with gold ending the month down more than 5.5%. 

In Australian dollar terms, at month-end gold was supported by the weaker currency, as the rate slipped to 69 cents against the US dollar, its lowest level since June, after trading as high as 71 cents earlier in the month. The RBA lifted the cash rate by 25 bps to 4.6% late in the month, but the market had factored in this rate hike and a stronger USD ultimately weighed on the AUD performance. At month-end gold was trading near AUD 6,012 for a loss of 3%.  

Silver continued to exhibit elevated volatility during September, although price movements were less extreme than in previous months. The same macroeconomic factors influencing gold also weighed heavily on silver. The metal traded as high as USD 67 mid-month before falling to around USD 60 at month end, a monthly decline of 8%. 

In Australian dollar terms, silver was supported by the weaker currency, and at month-end silver was trading near AUD 87.75 for a monthly loss of 5.5%.  

The Gold Silver Ratio was near 69.75 at the end of month as gold outperformed in the period.  

Platinum was unable to maintain the strong momentum of recent months and softened through September. Despite the correction, platinum remained well above values seen earlier in the year. 

Minted Products 

The Perth Mint sold 47,300 oz of gold, 605,408 oz of silver and 4,711 oz of platinum in minted product form during September. 

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

SEPTEMBER 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 Distributors and Product Development, Neil Vance, said minted product sales of gold and silver bounced back strongly in September after a quiet midyear period.

“A highlight of September was our first releases of 2027 Year of the Goat coins in our ever-popular Lunar series,” Neil said.

“These releases are always sought after by collectors for the appealing designs and quality craftsmanship, and we’re very pleased with the response to both the numismatic and bullion collections.”

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.

New bullion releases in September 2026:

• The Perth Mint 100oz Silver Cast Bar
• The Perth Mint 10oz Silver Cast Bar
• Australian Lunar Series III 2027 Year of the Goat 10oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 2oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1/2oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1/4oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1/10oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1/20oz Gold Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1 Kilo Silver Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 5oz Silver Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 2oz Silver Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1oz Silver Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1/2oz Silver Bullion Coin
• Australian Lunar Series III 2027 Year of the Goat 1oz Platinum Bullion Coin

Bullion product sold out in September 2026:

• Australian Lunar Series III 2024 Year of the Dragon 1oz Gold Bullion Coin with Dragon Privy Mark

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 September 2026. They exclude sales of cast bars and other activities including sales of allocated/unallocated precious metals for storage by The Perth Mint.

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) increased during September with holdings up by 7,853 oz (1.98%). This brings total holdings in PMGOLD to 403,724 ounces (12.56 tonnes).

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

The Perth Mint’s General Manager Institutional and Business Solutions, John O'Donoghue, said constant shifts in expectations about interest rates movements across various jurisdictions had a strong impact on the gold price, adding to volatility.

“Despite this ongoing uncertainty, it is gratifying to see PMGOLD holdings continue to grow steadily in September,” John said.