(Adds analyst’s comments; details on spot gold gains)
Dec 2 (Reuters) - Sales of Perth Mint’s gold products in November more than doubled from the previous month as demand surged from its international customers, especially Germany, while silver sales eased, the refiner said in a blog post on Wednesday.
Sales of gold coins and minted bars jumped to 84,158 ounces last month, highest since April, up 119% on-month and 55% from a year earlier.
“The jump in sales reflects investor sentiment in the long-term fundamentals of gold as a safe-haven,” said IG Markets analyst Kyle Rodda.
“Investors took the opportunity of buying the metal at a lower price to hedge against lower interest rates and a possibility of higher inflation.”
Countries around the globe have kept interest rates low and have injected massive stimulus into the economy to cushion against the effects of a worldwide coronavirus pandemic, leading to a more than 19% rise in benchmark gold prices.
Benchmark gold prices, however, fell 5.4% in November, their biggest drop in four years, as vaccine optimism dimmed the metal’s appeal.
“The launch of the Kangaroo (coin series) coincided perfectly with the onset of lower gold prices in the back half of November,” Neil Vance, general manager at Minted Products said in the post.
Sales of silver coins, meanwhile, slipped 8.9% to their lowest since May at 1,119,269 ounces, but were up 8.9% compared with the year-ago period.
The company said sales of silver products fell due to a drop in production owed to unavoidable machinery repair-and-maintenance activity.
The Perth Mint, owned by the government of Western Australia, refines more than 90% of the newly mined gold in Australia, one of the world’s top gold producers.
Reporting by Diptendu Lahiri in Bengaluru, Editing by Sherry Jacob-Phillips and Vinay Dwivedi
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