By Manolo Serapio Jr
MANILA, Aug 4 (Reuters) - Gold sales at the Perth Mint climbed to a nine-month high in July after a slide in prices of the precious metal to their lowest since 2010 drew buyers.
The spike followed a similar rise in U.S. Mint sales of gold coins, which hit a two-year high last month, although analysts say the increased retail interest may not reverse gold's recent price tumble.
Sales of gold coins and minted bars rose to 51,088 ounces in July from 31,019 ounces in June, according to data from Perth Mint. That was the highest since October 2014.
Silver coin sales nearly doubled to 746,700 ounces from 384,586 ounces in June, the highest since November last year.
The Perth Mint runs the only gold refinery in Australia, the world's second-biggest gold producer after China.
Gold XAU= lost nearly 7 percent in July, its steepest monthly drop in two years, as a looming U.S. interest rate hike buoyed the dollar and spurred investors to cut their exposure to bullion. The price fell to as low as $1,077 an ounce July 24, its cheapest since February 2010.
That price fall also pushed up sales of American Eagle gold coins in July to the highest since April 2013. ID:nL1N10B2MS
"The increase in retail interest for gold is unlikely to help reverse gold's recent price decline, rather it is more likely to provide a cushion for further price losses, in our view," HSBC analyst James Steel wrote in a note to clients.
Physical gold demand in Asia hardly perked up last week with many would-be buyers predicting further price declines, keeping premiums steady in the world's top gold consuming region. GOL/AS
Period
Gold
Silver
Jul-15
51,088
746,700
Jun-15
31,019
384,586
May-15
21,671
337,511
Apr-15
26,545
472,273
Mar-15
34,260
638,557
Feb-15
31,981
392,114
Jan-15
23,174
585,953
Dec-14
40,211
477,731
Nov-14
49,904
851,836
Oct-14
55,350
655,881
Sep-14
68,781
756,839
Aug-14
36,369
818,856
Jul-14
25,103
577,988
Jun-14
39,405
586,358
May-14
36,127
630,349
Apr-14
23,461
361,988
Mar-14
30,177
545,165
Feb-14
47,003
392,088
Jan-14
64,818
912,388 Source: The Perth Mint Note: Sales figures in ounces. Gold sales include coins and minted bars. Silver figures include only coins as the mint does not issue silver minted bars.