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Gold holds firm near US$4,500/Oz in May despite global tensions
(Kaieteur News) – After a strong start to 2026, surpassing US$5000 per ounce, gold price cling near US$4,500 an ounce during May.
In a post on Monday, the Guyana Gold and Diamond Association (GGDMA) in its market watch said, “May was quite a month for gold!”, as it outlined that gold prices remain above the US$4,400 per ounce last month.
Over the past year, gold prices have maintained a strong upward trajectory, repeatedly setting new record highs. In January, gold price far-reached US$5,000 per ounce setting a record of nearly $5,600 an ounce. However, geopolitical tensions placed a dent in the strong start to gold price at the start of the year.
According to information from Kitco News, a global precious metal data provider, gold price broke below US$4,500, when prices fell to $4,453 per ounce during May. It was stated that prices climbed steadily after a brief dip during the month, as traders responded to ongoing uncertainty surrounding the Iran-U.S. conflict and persistent concerns about global risk sentiment.
This publication had reported that at a time when gold price has been fairly high, it is worthy to note that several gold operations in Guyana, controlled by foreign companies 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.
Moreover, Minister of Natural Resources Vickram Bharrat citing gold prices at the beginning of the year had told miners, “Now is probably one of the best times to be in the mining industry…” It was during an outreach in Region Seven, that the minister outlined that market conditions have aligned to be involved in gold mining, pointing to soaring gold prices and a slate of other incentives outlined in Budget 2026 that caters to the sector.
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