Perth Mint Reports Lowest Gold and Silver Sales,...
Perth Mint reported that its gold and silver product sales in August hit their lowest point since February 2020. This decline was attributed to a persistently weak demand for these precious metals, influenced by a stronger U.S. dollar and elevated yields.
During the past month, the sales of gold coins and minted bars amounted to 34,875 ounces, marking a decrease from July's figure of 44,009 ounces. This represents a significant drop of approximately 59% when compared to the same period last year.
In the case of silver products, August witnessed sales at a level not seen in over three years, with only 792,503 ounces sold. This figure indicates an 8% decline on a monthly basis and a substantial 52% decrease when measured against the previous year.
Neil Vance, the general manager for minted products, commented, "In the United States, our distributors continue to observe a slowdown in the demand for both gold and silver, compared to the heightened levels experienced during the pandemic."
XAUUSD
SELL LIMIT 1928 - 1930 💯💯
✅ TP1: 1923
✅ TP2: 1918
🛑 SL: 1934
During the past month, the sales of gold coins and minted bars amounted to 34,875 ounces, marking a decrease from July's figure of 44,009 ounces. This represents a significant drop of approximately 59% when compared to the same period last year.
In the case of silver products, August witnessed sales at a level not seen in over three years, with only 792,503 ounces sold. This figure indicates an 8% decline on a monthly basis and a substantial 52% decrease when measured against the previous year.
Neil Vance, the general manager for minted products, commented, "In the United States, our distributors continue to observe a slowdown in the demand for both gold and silver, compared to the heightened levels experienced during the pandemic."
XAUUSD
SELL LIMIT 1928 - 1930 💯💯 ✅ TP1: 1923
✅ TP2: 1918
🛑 SL: 1934
Comment:
On Wednesday, gold declined to its lowest level in one week, extending its losses after registering its most significant intraday drop in a month during the previous session. This drop was attributed to the rise in U.S. Treasury yields and the strengthening of the dollar, driven by the anticipation of continued high interest rates.
Comment:
Spot gold, trading under the symbol GOLD, remained muted at $1,924.41 per ounce as of 0058 GMT, following its most significant daily decline since August 1st on Tuesday. Meanwhile, U.S. gold futures, also represented as GOLD, saw a 0.1% drop to $1,949.80.
Comment:
During the previous session, the U.S. dollar surged to nearly a six-month peak against a basket of currencies, concurrent with benchmark 10-year bond yields reaching their highest point in more than a week. This development curbed enthusiasm for gold.
Comment:
Federal Reserve Governor Christopher Waller noted that the recent stream of economic data was providing the U.S. central bank with room to assess whether further interest rate hikes are warranted.
Comment:
Running +20Pips✅✅
Comment:
On Wednesday, gold remained under $1,930 per ounce due to the strength of the U.S. dollar, driven by increased global economic uncertainties that led to higher demand for the safe-haven currency.
Comment:
Nice HIT ALL TP
