(Kitco News) – July was a difficult month for the gold market as both the U.S. Mint and the Perth Mint reported weak bullion sales. According to data from the U.S. Mint, it sold 41,000 ounces in various denominations of American Eagle gold coins. Bullion demand was down 3.5% from June, and down 36% from July 2022.
U.S. Mint sales have dropped to their lowest levels since November and December, when the mint halted its sales to shift production to 2023 minted coins.
The demand picture wasn’t any better on the other side of the world. In its sales report, the Perth Mint said it sold 44,009 troy ounces of gold. Sales were down 39% from June and down 41% from last year.
“Our distributors reported softening demand in June and this trend continued into July,” said Neil Vance, general manager of minted products at the Perth Mint. “But they are reluctant to pin the reason on any particular factor at present.”
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