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Gold nears US$5,000 per oz
…as Guyana mining projects gain billions in value
(Kaieteur News) – Gold prices surged sharply in January, with rates published by the Guyana Gold Board showing a steep climb between January 2 and January 23.
On January 2, gold quoted at 94% purity was priced at US$4,386.85 per ounce in the morning and US$4,352.95 per ounce in the afternoon. The price per pennyweight (dwt) stood at $40,274 in the morning and $39,963 in the afternoon. By January 23, gold had climbed to a new high, edging close to the US$5,000 per ounce. Morning prices were listed at US$4,926.20 per ounce, rising further to US$4,946.25 per ounce in the afternoon. The per dwt price also advanced significantly, reaching $45,226 in the morning and $45,410 in the afternoon.
The rise between January 2 and January 23 reflects a substantial gain in gold prices within just three weeks, pushing the metal to record territory.
Guyana Gold Board price update for gold prices on January 2 and January 23.
Notably, over the past year, gold prices have maintained a strong upward trajectory, repeatedly setting new record highs.
At a time when gold has been recording its highest prices ever, it is worthy to note that several gold operations across Guyana are expected to start production before the end of the decade. Currently, there is only one large-scale gold producer in Guyana, Zijin Mining Group Co. Ltd, a Chinese state-owned mining giant operating locally through its subsidiary AGM Inc.
Beyond Zijin, at least five Canadian mining companies collectively control an estimated 15.5 million ounces of gold across various stages of development in Guyana. These projects, spread across several mining districts, are advancing through exploration, feasibility studies and permitting. The companies have consistently pointed to Guyana’s mining-friendly policies as a key factor underpinning their investment decisions and long-term growth strategies.
At a gold price exceeding US$4,900 per ounce, the 15.5 million ounces of gold controlled by these Canadian companies now represent a value of more than US$75 billion. Meanwhile, the Government of Guyana has intensified efforts to crack down on and eradicate illegal mining across Guyana. The operations spearheaded by the Ministry of Natural Resources in collaboration with the Guyana Geology and Mines Commission and the Guyana Police Force.
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