The value of Tanzania’s gold exports rose 24% in the year ended April 30 due to an increase in global prices and the government’s efforts to closely monitor the mining sector, the country’s central bank said Friday.
The value of gold exports in Tanzania–one of Africa’s top gold producers–rose to $3.03 billion in the period from $2.44 billion a year earlier, the bank said in its May economic review.
Average prices for the precious metal on the global market rose 22% to $1,830.3 a troy ounce in the 12 months to the end of April compared with the prior year, the bank said.
“The rise in the price of gold was on account of poor market sentiments for other securities in the wake of the pandemic that pushed gold on the higher side,” the bank said.
Global gold prices rose by 2.4% to $1,718.2 a troy ounce in April compared with the prior month, the bank said.