{"id":8733,"date":"2020-05-15T19:20:37","date_gmt":"2020-05-15T19:20:37","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=8733"},"modified":"2020-05-15T19:20:37","modified_gmt":"2020-05-15T19:20:37","slug":"gold-export-remains-strong-amid-covid-19-deloitte","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte","title":{"rendered":"GOLD EXPORT REMAINS STRONG AMID COVID-19-DELOITTE"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> THE country\u2019s gold export is expected to remain strong, amid the pandemic, pushed up by rising global demand.<\/p>\n<p>Deloitte, Economic impact of the Covid-19 pandemic on East African economies report, showed that the increasing gold demand as a safe haven asset will provide a buffer to Tanzania\u2019s mining sector.<\/p>\n<p>\u201cThe increase in gold prices as a result of its increasing demand as a safe haven asset will provide a buffer to Tanzania\u2019s mining sector.<\/p>\n<p>\u201cAs such, the report issued this month, said, \u201cthe sector is expected to continue operating in the phase of the pandemic, albeit at a reduced level\u201d.<\/p>\n<p>Pre Covid-19, Deloitte report showed, the mining sector was expected to report increased growth as the government relaxed protectionist policies that required Tanzanian companies to own a majority stake in mining firms last year.<\/p>\n<p>\u201cThis was expected to encourage foreign investment in the sector,\u201d the report, which also gave the summary of government intervention measures and Deloitte insights, said.<\/p>\n<p>According to Bank of Tanzania (BoT) latest Monthly Economic Reviews, gold exports rose to 2.32billion US dollars for a year ending March from 1.68billion US dollars of previous year.<\/p>\n<p>However, Deloitte warned that, following the Covid-19 pandemic, the sector could be faced with challenges such as \u201cglobal supply chain disruption that will decrease exports and the ceasing of operations by mines to comply with social distancing policies\u201d.<\/p>\n<p>Yesterday, global gold markets rose slightly as US stimulus talks and Federal Reserve Chair Jerome Powell&#8217;s downbeat economic assessments supported the safe-haven metal.<\/p>\n<p>Spot gold price climbed 0.1 per cent to USD 1,716.66 per ounce\u00a0 while US gold futures rose 0.6 per cent to USD 1,726.20.<\/p>\n<p>The country mining sector reported a growth of 10.6 per cent in 2019, which was mainly due to an increase in the production of gold, silver and natural gas.<\/p>\n<p>Petra Diamonds, operating the largest diamond mine in Mwadui, Shinyanga, first declared a force majeure and closure of operation from mid-last month but this month upheld the move till diamond market improved.<\/p>\n<p>The firm said that the decision was necessary to preserve the Williamson mine\u2019s cash position in order to protect the long-term sustainability of the operation.<\/p>\n<p>\u201cThe company will look to resume operations once diamond prices are at a level that makes it operationally sustainable,\u201d Petra said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: THE country\u2019s gold export is expected to remain strong, amid the pandemic, pushed up by rising global demand. Deloitte, Economic impact of the Covid-19 pandemic on East African economies report, showed that the increasing gold demand as a safe haven asset will provide a buffer to Tanzania\u2019s mining sector. \u201cThe increase in gold prices [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":8721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,300,798],"class_list":["post-8733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-east-african","tag-gold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GOLD EXPORT REMAINS STRONG AMID COVID-19-DELOITTE - Tanzania<\/title>\n<meta name=\"description\" content=\"THE country\u2019s gold export is expected to remain strong, amid the pandemic, pushed up by rising global demand.Deloitte, Economic impact of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GOLD EXPORT REMAINS STRONG AMID COVID-19-DELOITTE\" \/>\n<meta property=\"og:description\" content=\"THE country\u2019s gold export is expected to remain strong, amid the pandemic, pushed up by rising global demand.Deloitte, Economic impact of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-15T19:20:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/05\/a61c28182bfb841514d194c8c187f704.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GOLD EXPORT REMAINS STRONG AMID COVID-19-DELOITTE\",\"datePublished\":\"2020-05-15T19:20:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\"},\"wordCount\":386,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/05\/a61c28182bfb841514d194c8c187f704.jpg\",\"keywords\":[\"BoT\",\"East African\",\"Gold\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/gold-export-remains-strong-amid-covid-19-deloitte\",\"name\":\"GOLD EXPORT REMAINS STRONG AMID COVID-19-DELOITTE - 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