Tanzania Adds Nearly 28 Tons of Gold to Reserves as Bullion Trades Near $4,100

Tanzania's central bank has bought close to 28 tonnes of gold over the past 18 months, worth about $3.7 billion, building one of the larger bullion reserves on the African continent. The purchases, drawn in part from the country's own domestic mine output, are part of a policy to hold more of the nation's savings in a form that no foreign government can freeze or devalue.

The move fits a wider pattern among central banks outside the traditional Western bloc. Gold traded near $4,166 an ounce on July 7, according to Forbes, well above the levels of a year earlier, and the People's Bank of China has continued to add to its reported holdings, buying eight tonnes in April alone after months at a slower pace. J.P. Morgan analysts have projected prices could average $6,000 an ounce by the final quarter of 2026, though such forecasts remain estimates rather than settled outcomes.

Tanzania's total is small next to the reserves of major economies, but the trend is what draws attention. A commodity-producing state is choosing to keep more of its wealth in metal it can mine and store at home rather than in reserve currencies held abroad.