Commodities

Perth Mint's November gold sales nearly double

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Dec 6 (Reuters) - The Perth Mint's sales of gold products in November jumped about 94% from the previous month to an eight-month peak, the refiner said on Monday.

Sales of gold coins and minted bars soared to 115,872 ounces last month, the highest level since March this year, from 59,750 ounces in October, and were up nearly 38% from a year earlier.

Silver product sales rose 13.2% to 1,530,598 ounces from 1,352,275 ounces in October, jumping about 37% from a year ago.

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"A general pick-up in the appetite for physical gold coincided with the release of The Perth Mint's 2022-dated Australian Kangaroo series. The response from our global distribution network was outstanding," Neil Vance, the general manager of minted products, said in a blog post.

Perth Mint November sales

Global benchmark spot gold prices fell 0.5% in November as the U.S. Federal Reserve turned more hawkish, while silver dropped 4.4%.

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 biggest gold producers.

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Reporting by Seher Dareen in Bengaluru; Editing by Rashmi Aich

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