U.S. Mint sees strongest gold bullion demand in 23 years, sells 426k ounces in Q1
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(Kitco News) - Rising inflation and safe-haven demand resulted in extraordinary demand for physical gold in March, capping off the best start to the year in more than two decades.
In its latest sales data, the U.S. mint reported that it sold 155,500 ounces of various denominations of its American Eagle Gold bullion coins, up 73% from last month. The U.S. Mint saw its best March performance since 1999.
March ended a solid quarter for bullion demand was. The U.S. mint sold 426,500 ounces of gold between January and March, up 3.5% from the first quarter of 2021. Similar to its monthly says, this was the mint's best quarter in 23 years.
According to analysts, two factors are driving demand for physical precious metals: inflation and Russia's war with Ukraine. Analysts are focusing a lot of attention on Europe's economy as the region faces rising consumer prices and the growing threat that Russia could weaponize its energy commodities as it faces growing sanctions against Western nations.
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