Gold has hit a record high with investors still showing some signs of anxiety about the economic impact of tariffs.
Reuters said that yesterday Spot gold XAU= breached US$3,000 an ounce for the first time in early London trading before losing ground. The precious metal is still up more than 13% year-to-date, as trade wars and growth worries boosted its safe-haven appeal.
Spot gold XAU= fell 0.19% to $2,981.99 an ounce. U.S. gold futures GCc1 rose 0.07% to $2,986.50 an ounce.
The steep rise in the price for gold portends intensified mining in Guyana’s goldfields with all the repercussions that comes up.
Meanwhile, mining company G Mining Ventures Corp (GMIN) on March 12th announced the start of site preparation activities at its Oko West Gold Project in Region Seven, marking a major step forward.
With the Interim Environmental Permit (IEP) from the Environmental Protection Agency already obtained, the early works construction programme is now officially underway, as a part of the total US$200 – US240 million Oko West capex guidance for 2025.
Site preparation activities are in progress for the barge landing on the Cuyuni River and the permanent camp area, which are key initial infrastructures to support future development. Concurrently, the release said that GMIN continues to advance permitting efforts toward securing the full Environmental Licence from the EPA.
The early works construction activities permitted under the IEP include the barge landing facility, the airstrip and main access roads and internal roads.
“The commencement of early works construction at Oko West demonstrates our commitment to expedite the delivery of another world-class gold project,” commented Louis-Pierre Gignac, President & CEO.
Meanwhile, Reuters said yesterday that Oil prices regained some ground after falling sharply in the previous session, as investors weighed diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
U.S. crude CLc1 rose 0.59% to $66.94 a barrel and Brent LCOc1 rose to $70.25 per barrel, up 0.53% on the day.
