In 2024, the precious metals market experienced contrasting trends among major mints. The U.S. Mint reported a significant decline in gold sales, selling only 412,000 ounces, which marks a 59% drop from the 1 million ounces sold in 2023. However, silver sales saw a slight increase, with the U.S. Mint selling 24.862 million ounces, up from 24.75 million ounces in the previous year [451d7665].
Similarly, the Perth Mint faced a challenging year, reporting a staggering 41% drop in gold sales, totaling 391,606 ounces. This figure represents a 65% decline compared to 2022. In contrast, the Royal Mint in the United Kingdom experienced a remarkable surge, with a 47% increase in total revenue from bullion coin sales compared to 2023. The Royal Mint recorded a record fourth quarter, achieving a 56% increase in sales from the third quarter, along with a 9% increase in customers purchasing bullion through its website [451d7665].
These trends come amid broader market fluctuations influenced by geopolitical tensions and economic speculation. The precious metals market had already been reacting to events such as the attempted assassination of former U.S. President Donald Trump and subsequent Federal Reserve policies, which had caused gold prices to reach new heights earlier in July 2024 [bf191db0].
The Indian Budget announcement in July, which included a reduction in import duties on gold and silver, also played a role in shaping market dynamics, although it raised concerns about potential increases in the Goods and Services Tax (GST) on these metals [bf191db0]. As the year progressed, the overall demand for bullion rose by 12% compared to 2023, indicating a complex interplay of factors affecting the market [451d7665].