Eagles, kangaroos boost October gold sales

One ounce gold bullion coins at the Perth Mint in Perth, Australia
Ron D'Raine | Bloomberg | Getty Images

Sales of gold coins and bars recovered in October, figures from two leading mints showed, suggesting physical buyers remain robust despite bullion's 20 percent plunge this year.

Still, overall volumes remained well below this year's peak. Gold has fallen out of favor with investors on expectations that the Federal Reserve will soon start scaling back its stimulus program, putting the brakes on the yellow metal's more than decade-long bull run.

(Read more: Fund manager: If you believe in math, buy gold!)

However, Australia's Perth Mint gold sales – including the iconic Australian kangaroo coin series – up to Oct. 25 reached 75,040 ounces, according to preliminary numbers obtained by CNBC, on track for a near 10 percent on-month gain from 68,488 ounces in September.

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Perth Mint gold sales peaked in April this year, topping 111,505 ounces and more than doubling from March.

Meanwhile, sales of American Eagle gold coins more than tripled on-month in October to 46,500 ounces, though they remained well-off the 209,500-ounce high recorded in April, according to daily updated numbers obtained from the U.S. Mint's website.

(Read more: Gold may stumble towards $1,400)

April represented a banner month for sales for both mints after buyers jumped into the market following gold's biggest-ever one-day loss on April 15, when it tumbled $125 and precipitated the month's sharpest decline since December 2011.

Though there's clear evidence of investors buying on weakness again, analysts said outright demand wasn't yet strong enough to challenge levels close to $1,400 an ounce.

(Read more: Fund manager: If youbelieve in math, buy gold!)

"The gold price is pretty well-supported by those robust physical flows" particularly from emerging markets, BBY analyst Mike Harrowell told CNBC's 'Squawk Box' on Wednesday.

The pace of buying, however, is unlikely to drive prices to "stress-free levels," Harrowell said, adding improved demand may help create a "solid" floor in the gold price market around $1,300 an ounce.

Gold is currently trading around $1,344.00 an ounce.

By CNBC's Sri Jegarajah. Follow him on Twitter: @cnbcSri