The Perth Mint General Manager Institutions and Business Solutions John O’Donoghue says volatility remained a defining feature of the market in April, amid the ongoing conflict in the Middle East.
This news comes after the Perth Mint announced it sold 46,106 troy ounces of gold, 496,212 ounces of silver, and 3,056 ounces of platinum in minted product form in April 2026.
For gold this represents a 6% increase in comparison to March sales, while silver and platinum sales decreased by 49% and 31%, respectively.
As previously reported, the Perth Mint sold 43,656 troy ounces of gold and 976,450 ounces of silver in March 2026.
General Manager of Minted Products Neil Vance says demand for minted products in April was broadly consistent across the mint’s core range.
“This reflects steady global interest despite a more volatile price environment,” Vance says.
Price movements
Gold opened the month at US$4,500 ($6,201) an ounce, tracking higher alongside other asset classes on expectations of a ceasefire, which was declared for a two-week period. The Perth Mint says during this time, gold reached a high of nearly US$4,900 an ounce.
However, continued geopolitical uncertainty, a stronger US dollar due to higher oil prices, and persistent inflation concerns weighed on sentiment later in the month.
At the time of writing, gold touched above US$4,700 an ounce, extending gains from the previous session as hopes for a US-Iran agreement triggered a sharp decline in oil prices and helped ease inflation worries, according to Trading Economics.
In Australian dollar terms, a stronger local currency tempered gold’s performance. The Australian dollar traded at near four-year highs against the US dollar, reaching around $0.72.
As a result, the Perth Mint says the precious metal declined from an early April high of $6,930 to trade around $6,450 by the end of the month.
Meanwhile, silver prices experienced significant volatility, as the Perth Mint reports it traded as low as US$69 an ounce before surging to US$83 and then easing back to US$73 to record a minor gain over the month.
At the time of writing, silver’s price sat at US$79.7 an ounce, as reported by Trading Economics.
O’Donoghue highlights that investors are closely watching developments in the Middle East and the Australian dollar.
“This environment is reinforcing the role of precious metals as a portfolio stabiliser, even as short-term pricing fluctuates,” he says.
Write to Aaliyah Rogan at Mining.com.au
Images: The Perth Mint