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The Perth Mint sold 33,387 troy ounces (oz) of gold and 684,735 oz of silver in minted product form during April 2024.
Opening the month above USD 2,200, the gold price in US dollar terms raced higher, breaching the key USD 2,300 resistance level and then hitting a record high above USD 2,400 on 12 April.
The price gain was buoyed by several factors: data showing ongoing central bank demand, large scale buying of future positions by commodity trades/hedge funds and then escalating geopolitical concerns. The slight easing of geopolitical concerns in the second half of the month contributed to gold falling back as the demand for safe assets was not as pronounced.
Additionally, US Q1 2024 GDP data released late in April was softer than expected, and as a result gold slipped back. By the end of the month, it was trading below USD 2,300 as the market waited for the next FOMC meeting for guidance on inflation targets and interest rates.
In Australian dollar terms, the gold price also moved higher in April, in line with the increase in USD terms but weighted by a slight strengthening of the Australian dollar.
Silver started the month trading under USD 25 and rose on most trading days until hitting a recent high above USD 29. This gain mirrored the rise in the gold price. Silver tracked lower for the rest of the month and finished around USD 26.50.
The silver price in Australian dollar terms was also higher in April, trading above AUD 45 at one stage before ending the month trading over AUD 40.50.
The Gold Silver Ratio was 87 at the end of April.
