THE Ministry of Natural Resources and the Environment through the Guyana Gold Board says that it is actively monitoring the downward movement of the price of gold which fell to its lowest in the last 21 months, on Friday last.

“This is the lowest level of prices for gold since July 2011,” the Ministry reported.
Internationally, cuts in 2013 gold average price forecasts by Deutsche Bank and Goldman Sachs continued to weigh on gold prices, triggering technical selling.
Earlier this week, Deutsche Bank lowered its average gold price forecast for 2013 by 11.8 percent to US1,637 dollars an ounce, while Goldman Sachs slashed its gold price forecast for 2013 from US1,610 dollars an ounce to US1,545 dollars.
Goldman Sachs even called for short position on gold.
In addition, the U.S. economic data released on Friday last has also dampened gold.
The U.S. Commerce Department announced that retail sales slid 0.4 percent in March, higher than the 0.1 percent drop predicted; the University of Michigan-Thomson Reuters consumer-sentiment gauge dropped to a preliminary April reading of 72.3, the lowest level in nine months.
As such, in an effort to ensure that Guyana does not undertake a severe risk in the international trade of gold, the Minister of Natural Resources and the Environment, Robert Persaud, has called a special meeting to be held tomorrow with all licenced gold dealers and members of the gold sub-sector to discuss the various issues and impacts of the volatility in gold prices on the local economy.