Gold Sales at Perth Mint Reach 11-Month High as Prices Retreat

Gold sales from Australia’s Perth Mint, which refines all the bullion output in the world’s second-biggest producer, climbed 89 percent in September to the highest level in almost a year as prices declined.

Sales of gold coins and minted bars rose to 68,781 ounces from 36,369 ounces in August and the most since October 2013, according to data from the mint compiled by Bloomberg News. Sales were about 68,487 ounces in September 2013, data show.

Bullion prices dropped 6.2 percent in September, the biggest decline since June 2013, nearly erasing this year’s gains. The dollar has climbed amid improving U.S. economic data and as the Federal Reserve raised interest-rate forecasts, while central banks in Europe and Asia maintained or expanded stimulus to spur economic growth. Gold coin sales by the U.S. Mint more than doubled in September to the highest since January, according to data compiled by Bloomberg.

Gold for immediate delivery rose 0.6 percent to $1,221.18 an ounce at 1:59 p.m. in Singapore today. Holdings in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, contracted yesterday to 768.66 metric tons, the least since December 2008, according to data compiled by Bloomberg.

The U.S. Mint sold 58,000 ounces of American Eagle gold coins in September from 25,000 ounces in August and 13,000 ounces a year earlier, data from the mint show. The Perth Mint says it’s the only London Bullion Market Association accredited refiner in Australia.

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