#gold

Spot gold prices decreased by 0.5%, reaching $3,980.63 an ounce as of 10:50 a.m. in Singapore. This decline is attributed to a stronger U.S. dollar and the outlook on interest rates, which are impacting gold's value in the market.

The Minister of Solid Minerals Development, Dele Alake, has announced the discovery of a "world-class" polymetallic mineral province in Kaduna, which includes platinum group metals and gold. This announcement highlights the potential for significant mineral resources in the region.

Gold prices are facing challenges due to rising interest rates, as analyzed in the latest updates from Growthpoint, Nedbank, and Vunani's return to profitability. The impact of these economic factors on the gold market is significant, influencing investor behavior and market dynamics.

Elle-Sarah Rossato, a partner and head of tax and dispute resolution at PwC South Africa, discusses the Constitutional Court's ruling that second-hand gold does not qualify for a zero rate under the VAT Act.

Former Mathare North MCA Defao has announced his entry into the gold and diamond trade, expressing a desire to engage in business by seeking genuine jewellery and gemstones. He promises immediate transactions for quality items, indicating a proactive approach to this new venture.

The Constitutional Court has ruled against the implementation of a zero VAT rate for second-hand gold, confirming that most second-hand gold will now be subject to the standard value-added tax rate of 15%. This decision effectively closes a longstanding loophole in the taxation of second-hand gold transactions.

The Prime Minister has denied rumors that gold from the Bank of Tanzania was secretly sold by an individual in a Middle Eastern country. This statement comes in response to circulating allegations regarding the sale of Tanzanian gold.

According to the Bank of Tanzania's May 2026 review, Tanzania's exports increased by 13.5% to USD 18.9 billion for the year ending April 2026, driven primarily by gold and tourism. The report also noted a rise in headline inflation to 4% due to higher fuel prices, a 23.6% growth in private sector credit, and an appreciation of the Shilling by 2.7%. Foreign exchange reserves reached USD 5.7 billion, sufficient to cover 4.4 months of imports.

The Ministry of Mining in Tanzania reported a collection of TSh 650 billion between July and December 2025, surpassing its goal for the period by 109%. This amount represents 54% of the ministry's target for the 2025-26 fiscal year, with the increase in revenue attributed to gold mining activities, according to Tanzania Affairs.