Tanzania experienced a staggering 7.4% increase in its gold-export value over the past year, primarily driven by a surge in volume and global prices, according to the country's central bank. In the 12 months leading up to November, the total gold-export value reached an impressive $3.03 billion, compared to $2.82 billion in the previous year.
The bank's monthly economic review stated that the report did not disclose the specific unit price or volume of gold sold during this period. However, it did reveal that global average prices for gold rose to $1,984.11 per troy ounce in November, up from $1,725.07 in the same month the previous year. In comparison, October recorded an average price of $1,916.25 per troy ounce.
These month-on-month increases in global gold prices can be attributed to the weakening of the U.S. dollar, as reported by the bank.
Furthermore, Tanzania's gold exports value accounted for nearly half of the total value of goods exported by the country. As one of Africa's major gold producers, Tanzania continues to thrive in this precious metal market.