Dar es Salaam: The Bank of Tanzania (BoT) has suspended its planned sale of gold reserves following a slight dip in global prices, signalling a cautious and strategic approach as market conditions fluctuate.
As of early March 2026, the central bank holds approximately 19.6 tonnes of gold, nearing its 20-tonne target. Since October 2024, BoT has steadily accumulated gold to strengthen foreign exchange reserves and diversify national assets.
Gold prices, which recently eased to around $4,555 per ounce, remain below the levels BoT had targeted for selling. Earlier in the year, prices surged past $5,000, driven by geopolitical tensions and strong safe-haven demand.
BoT Governor Emmanuel Tutuba said the decision to hold reflects sound market timing. “When the market is going down, it is a good time to buy,” he noted, adding that the bank is closely monitoring global trends before making its next move.
Analysts attribute the recent price dip to easing geopolitical tensions, high global interest rates, and investor profit-taking. Stronger bond yields and a firmer US dollar have also made alternative investments more attractive compared to gold.
Experts view BoT’s move as prudent and forward-looking, reinforcing efforts to promote local gold value while safeguarding reserves. The decision underscores Tanzania’s growing financial resilience and adaptive strategy in a shifting global economy.