Tanzania Gold Exports Rose 9.9% in Year Ended July

By George Mwangi

Special to Dow Jones Newswires

Tanzania's gold exports rose to to $3 billion in the 12 months to the end of July, up 9.9% compared with the year-earlier period, the country's central bank said Wednesday.

The increase in exports from $2.73 billion a year earlier was largely thanks to relatively high gold prices in the world market, the bank said in its August economic review.

The average price of the precious metal on the global market rose 16% on year, to $1,846.80 a troy ounce in the 12-month period, as uncertainty surrounding the Covid-19 pandemic pushed investors toward safe-haven assets.

However, the price of gold fell by 1.5% to $1,807.84 a troy ounce in July compared with the prior month, due to a "stronger US dollar and higher treasury yields as well as revival of activity in the equity market," the bank said.

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09-01-21 0507ET