Indicative mineral prices released by the Mining Commission show that gold and silver continued to trade at elevated levels on Tuesday, reflecting firm conditions in the global commodities market and the influence of exchange rate movements on local pricing.
Gold, which remains the key benchmark mineral in Tanzania’s extractive sector, was quoted at a world market price of USD 5,199 per troy ounce.
This translates to approximately TZS 431,789.37 per gram when converted into local currency. However, the mineral market price within Tanzania stood lower at TZS 388,610.44 per gram, while the official buying centre price was set at TZS 379,974.65 per gram.
The difference between international and domestic prices highlights the cost structure within the local mineral trade, including statutory deductions, refining costs, transportation, and other handling charges that apply before minerals reach licensed buying centres.
Silver prices followed a similar pattern. On the world market, silver was priced at USD 89.27 per troy ounce, equivalent to about TZS 7,414.09 per gram.
Locally, the mineral market price was fixed at TZS 6,672.68 per gram, with buying centres offering TZS 6,524.40 per gram.
Analysts note that the roughly 10 percent variance between world market prices and local buying centre prices is consistent with existing regulations governing mineral trade in Tanzania.
These margins are designed to balance competitiveness for miners while ensuring government revenue through royalties and fees.
The Mining Commission noted that exchange rate movements between the US dollar and the Tanzanian shilling continue to play a significant role in shaping daily indicative prices, particularly for minerals such as gold and silver that are traded internationally in dollars.
Tanzania has in recent years strengthened its mineral trading framework by expanding official buying centres across the country, a move aimed at improving transparency, curbing smuggling, and ensuring small-scale miners benefit from formal market access.
The Commission encouraged miners and traders to rely on officially published indicative prices to guide transactions and enhance compliance within the sector, as the country positions mining as a key driver of economic growth and foreign exchange earnings.