VANCOUVER (miningweekly.com) – US-based gold producers recorded less output in May than in April, yet production was 12.6% higher when compared with the same period a year earlier.
According to analysis by the US Geological Survey (USGS) in its latest Mineral Industry Survey, US gold mines produced about 20 300 kg of the yellow metal in May.
Based on unrounded data, the average daily gold output was 655 kg in May, about 685 kg in April, and 643 for the year to date, indicating a higher production rate so far this year, when compared with the daily output of about 607 kg for the full year of 2016.
According to the USGS, the average Engelhard gold price was $1 249/oz for May, a $21.85/oz decrease when compared with the average gold price of $1 270/oz in April.
The daily gold price started May at $1 266.80/oz, before dropping to the monthly low on May 9 of $1 223.73/oz. Towards month-end, the price increased to hit the monthly high of $1 270.81/oz on May 26. The price again fell to end the month at $1 268.30/oz.