Gold and Platinum in Consolidation Mode – Perth Mint Reports Silver Boom

24. February 2026

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend. While this keeps the gold price stable at a high level, short-term burdening factors and medium- to long-term support arguments are simultaneously becoming more prominent.

A stronger US dollar is cited as an obvious headwind. A firm dollar can make the gold price more expensive in other currencies, thereby dampening demand in parts of the market. However, Heraeus also points to the future: many market participants expect interest rate cuts during the course of the year, which tend to support the gold price. It is expected that the first steps will take place in June at the earliest. Three or more rate cuts could then be possible in the second half of the year. Within this field of tension—dollar strength on one side, the prospect of falling interest rates on the other—Heraeus explains the current sideways pattern as understandable.

Gold Price and Supply: Ghana Increases Production to 187 Tonnes – Royalty Debate Gains Momentum

While the gold price consolidates, the supply side is providing new headlines. Heraeus reports that Ghana increased its gold production to 187 tonnes last year. This has solidified the country’s position as Africa’s largest gold producer. Furthermore, Heraeus sees the possibility that Ghana could even overtake the USA in the future to become the fifth-largest gold-producing nation worldwide.

The analysis attributes the production increase primarily to a significantly higher volume from the artisanal and small-scale mining sector. In contrast, production from large-scale mines remained largely stable. Additionally, Heraeus notes that the start-up of new mines—such as Newmont Gold’s Ahafo North—could offset declining grades elsewhere. Overall, this creates a picture in which Ghana benefits from additional extraction on the one hand, while simultaneously having to deal with the typical challenges of more mature districts on the other.

Rising prices not only provide incentives for higher production but also change the political discussion regarding the distribution of revenues. Heraeus points out that the Ghanaian government is considering legislation that would change the gold royalty from a flat fee to a variable rate of 5% to 12%, depending on the gold price. This consideration has disappointed large producers. To cushion the impact, the Finance Minister offered to reduce another mining levy by two percentage points. In the short term, higher royalty revenues could support state finances. However, Heraeus also points to the downside: rising tax and levy ratios can dampen investment and thus have a long-term impact on production and state revenue.

Silver Attracts Buyers: Perth Mint Reports 1.7 Million Ounces – Gold Sales Declining

In addition to the gold price, Heraeus highlights developments in the silver market. Accordingly, sales of silver bars and coins continue to perform well in an environment of higher prices. Heraeus cites as a reference that silver closed at $82.45 per ounce in the week ending February 20.

The Perth Mint provides a particularly clear example: its sales of silver bars and coins rose by 188% in January compared to the previous month, reaching 1.7 million ounces of silver. At the same time, the Perth Mint’s gold sales fell by 19% to 29,000 ounces during the same period. Heraeus interprets this combination as an indication that price-sensitive buyers are increasingly switching to silver during a phase in which silver outperformed gold in the recent rally.

The historical context is also noteworthy: according to Heraeus, the 1.7 million ounces represent the Perth Mint’s highest monthly silver sales since May 2023. At the same time, the longer-term trend is outlined: silver sales have been declining since 2022, after 23.2 million ounces were sold that year. For 2025, Heraeus cites sales of 7.3 million ounces. The current January figures thus act as a significant interim impulse within an overall weaker multi-year trend.

Platinum Consolidates Around $2,100 – Stellantis Shifts Focus Back to Diesel

Heraeus also sees predominantly sideways patterns in the market for other precious metals. Platinum is reportedly consolidating at around $2,100 per ounce. On the demand side, an impulse from the automotive industry is highlighted: Heraeus reports that Stellantis is once again focusing its production more heavily on diesel vehicles. This is justified by weaker-than-expected EV demand in the EU as well as relaxed emission rules, which had previously almost dictated a complete phase-out of internal combustion engines by 2035.

Furthermore, diesel is a segment in which Chinese manufacturers are expected to compete less strongly in Europe, as their focus lies on battery electric vehicles (BEVs) and gasoline models. Heraeus provides market shares for context: the share of pure diesel models in new EU registrations fell to 8.9% in 2025, while BEVs reached 17.4%. Stellantis also took a write-down of 22 billion euros in connection with its EV business, canceled fully electric models such as the RAM 1500 in the USA, postponed projects in Europe, and ended joint ventures with battery companies—including Canada’s LG Energy Solution.

Heraeus emphasizes that this does not fundamentally change Europe’s long-term electrification path, but could slow down the displacement of diesel “at the margins” in the short term. European platinum demand from the automotive sector continues to be heavily dominated by passenger cars. Furthermore, more than one million diesel cars were produced in 2025—even though demand for automotive platinum has fallen by more than half over the past ten years.

Finally, Heraeus mentions the status of other platinum group metals: palladium has been moving in a narrowing range around $1,700 per ounce since the beginning of February. Rhodium, ruthenium, and iridium have recently remained stable at $11,050, $1,470, and $7,200 per ounce, respectively. This results in an overall picture where the gold price is indeed in a consolidation phase, but the precious metals markets are shaped by very different drivers—from monetary policy and mining policy to shifts in the automotive sector.

Source: https://goldinvest.de/en/gold-and-platinum-in-consolidation-mode-perth-mint-reports-silver-boom/