Australian Bullion Sales Mixed in April, Perth Mint Reports

The Perth Mint reported mixed April bullion sales: gold coin and bar demand rose to 46,106 oz, up 5.6% from March and 5.5% from a year earlier, while silver sales dropped sharply to 496,212 oz, the weakest monthly print in eight months, down 49.2% MoM and 31.4% YoY. Year-to-date, however, both metals remain strong, with gold sales up 45.5% to 186,114 oz and silver sales up 119.3% to 5.12 Moz versus the same period in 2025. LBMA spot figures cited in the article showed gold edging up 0.1% to $4,611.35/oz in April and silver rising 1.2% to $73.55/oz, underscoring the volatile backdrop. Perth Mint’s John O’Donoghue said investors were focused on Middle East developments and moves in the Australian dollar, arguing that precious metals are continuing to act as a portfolio stabiliser even as short-term pricing swings persist. For traders, the key read-through is that retail/wholesale physical demand for gold in Australia remained resilient despite volatility, while silver cooled materially after a strong YTD run. The April silver drop could point to near-term demand fatigue, but the YTD base is still robust. Watch whether geopolitical risk and FX volatility continue to support gold buying into May, and whether silver’s sharp monthly pullback proves temporary or signals a broader demand pause.