Chief Executive of the Minerals Commission, Dr. Toni Aubynne is advising mining firms not to be overly excited about the rebound in the price of gold on the world market.

His comments follow the recent surge in gold price on the world market. The commodity is now trading at around, 1,275 dollars an ounce, one of the highest in recent times.

Speaking with JOY BUSINESS, Dr. Aubynn said players are better off pegging their expected revenues at the lower level.

He indicated that the industry is excited about the increase in the price of the commodity, “but we are very careful not to have a party yet. We have seen the volatility of the price of the commodity in the past years so we don’t want to go partying because the price has been seen inching up to 1,300 dollars an ounce.”

The price of gold increased to as high as almost $1,900 in 2012/13 bringing a lot of excitement among operators. A sharp decline, however, followed which saw the price drop to as low as $1,000 an ounce bringing many mining firms to their knees.

This Dr. Aubynn said should be avoided. He is, therefore, asking players to forecast their benefits based on a projection of say, a 1000 dollars, in order to derive the maximum benefits if the price increased further.

The Chief Executive of the Ghana Chamber of Mines, SulemanuKoney is, however, optimistic the rebound in the price of the commodity would continue.

According to him, the figures on the ground show that the price will increase much higher than it is currently. The chamber he says“expects the price to go much higher than it has but I’m happy about the current development because it is better than where it was last year.”

The price of gold has inched up by about 20 percent since it started recovering players in the mining sector are enthusiastic about a further increase.

This according to Mr. Koney is critical because“once it gets to a much higher price, everyone will be happy. Investors will be happy, government, communities, suppliers, everybody will be happy so it is our expectation that a full rebound to where it was previously would be achieved.”