Zimbabwe's gold coins sell for record $3,000 as bullion surges

Zimbabwe's gold coins sold above $3 000 for the first time since they were introduced almost three years ago as the price of bullion surged.

The 22-carat "Mosi-Oa-Tunya" gold coins, named after Victoria Falls, a popular tourist destination in southern Africa, were priced at $3 018.38, according to data on the Reserve Bank of Zimbabwe's website Monday. Spot gold rose to a record $2 911.72 an ounce after US President Donald Trump said he plans to impose 25% tariffs on steel and aluminium imports.

The coins have been snapped up by institutional investors and ordinary citizens seeking a store of value against high inflation and frequent currency crises.

The bulk of the coins were bought using the Zimbabwean dollar, which was replaced by the ZiG in April, after it lost 80% of its value against the greenback in just under four months.

Governor John Mushayavanhu said in July the central bank would stop minting the coins to boost its gold reserves used to back the ZiG. At the end of January, the southern African nation held about 2.67 tons of gold, the governor said.

Holders of the gold coins can still redeem them at the central bank.