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Zimbabwe's gold exports soar
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Zimbabwe's gold exports surged to US$1,385 billion in the first seven months of 2025, a 60,5 percent increase from the US$863,1 million recorded during the same period last year, according to the latest Reserve Bank of Zimbabwe (RBZ) figures.
The earnings already represent more than 91 percent of the US$1,52 billion generated from gold exports for the whole of 2024, placing the country on course for a record-breaking year.
Month-by-month data shows a strong mid-year rally. After a slight dip in May, gold exports rose sharply to US$300,1 million in June before climbing further to US$310,8 million in July — a dramatic rise compared to the US$105,7 million and US$158,2 million achieved in the same months last year.
Analysts attribute the strong performance to higher output from both large-scale producers and the increasingly dominant artisanal and small-scale miners, combined with favourable international prices and ongoing government efforts to formalise the gold sector.
Global market conditions are also working in Zimbabwe's favour. Analysts at J.P. Morgan forecast average gold prices of around US$3,675 per ounce by late 2025, with potential to touch the US$4,000 mark by mid-2026. Strong demand from central banks and institutional investors, rising geopolitical tensions, and persistent global inflation are expected to sustain demand for gold as a safe-haven asset.
However, risks remain. Analysts caution that rising global interest rates could limit gold's upward momentum by making interest-bearing assets more attractive than the non-yielding metal.
Despite these risks, Zimbabwe's gold sector is well-positioned to surpass last year's performance. Fidelity Printers and Refiners, the country's sole buyer of bullion, reported that 24,31 tonnes were delivered between January and July 2025. Small-scale miners contributed 17,76 tonnes, more than double the 6,55 tonnes delivered by primary producers.
In the first quarter alone, total deliveries reached 20,10 tonnes, with small-scale miners once again leading the way at 14,56 tonnes, compared to 5,54 tonnes from large-scale producers.
With five months still to go, gold is set to cement its position as Zimbabwe's largest foreign currency earner, giving fresh impetus to economic recovery efforts.
The earnings already represent more than 91 percent of the US$1,52 billion generated from gold exports for the whole of 2024, placing the country on course for a record-breaking year.
Month-by-month data shows a strong mid-year rally. After a slight dip in May, gold exports rose sharply to US$300,1 million in June before climbing further to US$310,8 million in July — a dramatic rise compared to the US$105,7 million and US$158,2 million achieved in the same months last year.
Analysts attribute the strong performance to higher output from both large-scale producers and the increasingly dominant artisanal and small-scale miners, combined with favourable international prices and ongoing government efforts to formalise the gold sector.
However, risks remain. Analysts caution that rising global interest rates could limit gold's upward momentum by making interest-bearing assets more attractive than the non-yielding metal.
Despite these risks, Zimbabwe's gold sector is well-positioned to surpass last year's performance. Fidelity Printers and Refiners, the country's sole buyer of bullion, reported that 24,31 tonnes were delivered between January and July 2025. Small-scale miners contributed 17,76 tonnes, more than double the 6,55 tonnes delivered by primary producers.
In the first quarter alone, total deliveries reached 20,10 tonnes, with small-scale miners once again leading the way at 14,56 tonnes, compared to 5,54 tonnes from large-scale producers.
With five months still to go, gold is set to cement its position as Zimbabwe's largest foreign currency earner, giving fresh impetus to economic recovery efforts.
Source - The Chronicle
