News: Perth Mint's July gold, silver sales slump to lowest since 2020

Aug 3 (Reuters) - Perth Mint's July gold product sales slumped to their lowest level since October 2020, while silver sales were at a more than three-year low, the refiner said on Thursday, citing a slowdown in demand as prices surged.

Monthly sales of gold coins and minted bars touched 44,009 ounces last month from 73,124 ounces in June, and were down about 45% on a year-on-year basis.

Sales of silver products stood at their lowest since February 2020 at 863,485 ounces in July, down nearly 35% on a monthly basis and 65% on a yearly basis.

As the prices for the products rose, "our distributors reported softening demand in June and this trend continued into July, as well" said Neil Vance, general manager for minted products.

Benchmark spot gold prices XAU= rose 2.3% in July, in its best month in four on investor expectations that an end to the rate-hiking cycle by global central banks was nearing.

Lower rates boost demand for zero-yield bullion. Spot silver XAG= prices surged about 8.9% last month.

The Perth Mint, owned by the government of Western Australia, is the world's largest producer of newly-mined gold. It is also the biggest refiner by volume in Australasia, according to the company website.

The intake each year equates to almost 75% of newly mined gold in Australia, one of the world's biggest gold producers.

The following table details Perth Mint's monthly sales including coins and minted bars:

			Period		   Gold (oz)	   Silver (oz) 
	  (year-month)					   

		 2023-July			  44,009		   863,485 
														 
		 2023-June			  73,124		 1,326,011 
		  2023-May			  72,889		 1,881,001 
		2023-April			  75,166		 1,947,743 
		2023-March			  80,541		 1,823,096 
		  2023-Feb			  52,241		 1,484,936 
		  2023-Jan			  64,395		 1,233,344 
		  2022-Dec			  60,634		 1,634,751 
		  2022-Nov			 114,304		 1,315,293 
		  2022-Oct			 183,102		 1,995,350 
		 2022-Sept			  88,554		 2,579,941 
		  2022-Aug			  84,976		 1,655,334 
		 2022-July			  79,305		 2,465,513 
		 2022-June			  65,281		 1,523,765 
		  2022-May			  98,515		 2,217,582 
		2022-April			  80,941		 2,119,491 
		2022-March			 121,997		 1,649,634 
		  2022-Feb			  72,651		 1,632,323 
		  2022-Jan			  66,709		 2,387,165 
		  2021-Dec			  54,861		 1,733,293 
		  2021-Nov			 115,872		 1,530,598 
		  2021-Oct			  59,750		 1,352,275 
		 2021-Sept			  98,753		 1,789,926 
	   2021-August			  53,976		 1,467,229 
		 2021-July			  70,658		 1,302,723 
		 2021-June			  72,910		 1,823,029 
		  2021-May			  91,146		 1,700,807 
		2021-April			 101,379		 1,798,210 
		2021-March			 130,000		 1,600,000 
		  2021-Feb			 124,104		 1,830,707 
		  2021-Jan			  76,103		 1,162,884 
		  2020-Dec			  76,806		   941,767 
		  2020-Nov			  84,158		 1,119,269 
		  2020-Oct			  38,367		 1,228,713 
		 2020-Sept			  62,637		 1,677,383 
		  2020-Aug			  67,462		 1,431,036 
		 2020-July			  56,104		 1,567,900 
		 2020-June			  44,371		 1,573,752 
		  2020-May			  63,393		   997,171 
		2020-April			 120,504		 2,123,121 
		2020-March			  93,775		 1,736,409 
		  2020-Feb			  22,921		   605,634 
		  2020-Jan			  48,299		 1,450,317 
		  2019-Dec			  78,912		 1,361,723 
		  2019-Nov			  54,261		 1,027,695 
		  2019-Oct			  32,469		 1,394,615 
		 2019-Sept			  46,837		 1,350,038 
		  2019-Aug			  21,766		 1,171,233 
		 2019-July			  21,518		   987,040 
		 2019-June			  19,449		   344,474 
		  2019-May			  10,790		   681,582 
		2019-April			  19,991		   906,219 
		2019-March			  32,757		   935,819 
		  2019-Feb			  19,524		   584,310 
		  2019-Jan			  31,189		   828,854 
		  2018-Dec			  29,186		   692,971 
		  2018-Nov			  64,308		   876,446 
		  2018-Oct			  36,840		 1,079,684 
		 2018-Sept			  62,552		 1,305,600 
		  2018-Aug			  38,904		   520,245 
		 2018-July			  29,921		   486,821 
		 2018-June			  16,847		   229,280 
		  2018-May			  14,800		   557,120 
		2018-April			  15,161		   458,655 
		2018-March			  29,883		   975,921 
		  2018-Feb			  26,473		   992,954 
		  2018-Jan			  37,174		 1,067,361 
		  2017-Dec			  27,009		   874,437 
		  2017-Nov			  23,901		   544,436 
		  2017-Oct			  44,618		   999,425 
		 2017-Sept			  46,415		   697,849 
		  2017-Aug			  23,130		   392,091 
		 2017-July			  23,675		 1,167,963 
		 2017-June			  19,259		 1,215,071 
		  2017-May			  29,679		   826,656 
		2017-April			  10,490		   468,977 
		2017-March			  22,232		   716,283 
		  2017-Feb			  25,257		   502,353 
		  2017-Jan			  72,745		 1,230,867