Gold Sales at Perth Mint Declined in November by 23% from October, Higher YoY

Perth-Mint

Australia’s Perth Mint said on its website today that gold sales decreased in November compared to the previous month by 23% and higher by 7% YoY.

According to the Perth Mint’s website, sales of gold coins and bars on November 2013 were at 52,700.23 ounces, falling by 23% from last month 77,225 ounces in October. The mint’s gold sales on November 2012 were lower at 49,005 ounces.

Perth Mint said it sold 10,195 ounce of gold bullion bars and 42,505 ounces of gold coins. Sales of gold bars and coins were record high on April, as the Australian mint sold around 110,000 ounce of refined gold.

Silver coins and bars sales by Perth Mint recorded 807,246 ounces on November, down from 821,580 ounces in October.

On the other hand, the U.S. Mint sales of gold coins fell on November. American Eagle gold coins sold 48,000 ounces in November, compared 48,500 on October. Sales of gold American Eagle gold coins were record high on April, as it reached 209,500 ounces.

Although weaker gold and silver prices encourages precious metals bullion sales, like seen in April and August, investors fears from the U.S. Federal Reserve curbing economic stimulus, thus lowering the prices of precious metals. The Fed minutes released on November 20 hinted an earlier cut in the bond-purchasing programme than March 2014. Policy makers in the U.S. expect an improving economy to justify curbing its monthly $85 billion purchase of bonds.

Gold price for immediate delivery fell 0.6% to $1,246.42 by the end of the Asian trading session on Monday. Gold price dropped 26% this year and reached its lowest at $1,225.55 per ounce on November 25.