GOLD was nudging the US$1,300 an ounce level at US$1,298 an ounce yesterday, marking an increase of US$114 an ounce on the price at the start of the year.This is a development which some local miners say is an encouraging start even though it is a bit too early to call it a consistent price uptrend.President of the Guyana Gold and Diamond Miners Association (GGDMA), Mr. Patrick Harding said that this upward spurt in prices, coupled with the 10% decrease in excise taxes for diesel recently granted to miners as well as the recent reduction of gasoline and diesel prices. This, he added, was definitely a very good start for the sector for 2015.
Commenting on the fuel prices, he said: “We are happy that Government had decided to pass on the reduction to consumers which include the small and medium scale mining community.”
He disclosed that the cost of fuel amounted to 40% of the operational costs of these miners, so there’s now a sense of relief among the operators.
He said that the GGDMA looked forward to the distributors passing on the benefits of lower prices to the miners and other stakeholders in the industry.
Government on Monday announced a 30% reduction in the price of gasoline and diesel and a 42% percent decrease in the price of kerosene at all GUYOIL outlets with effect from January 21.
Finance Minister, Dr. Ashni Singh disclosed that the price of gasoline had been reduced from $995 per gallon to $695 per gallon; the price of diesel reduced from $985 per gallon to $694 per gallon and kerosene from $850 per gallon to $496 per gallon.
The new prices mean that prices have dropped to where they were in 2009.

(By Clifford Stanley)