Record gold prices brighten Zimbabwe's trade outlook

Gold surged to a new all-time high on Tuesday, lifting Zimbabwe's economic prospects as the country continues to benefit from strong exports of the precious metal.

Spot gold climbed 0,8 percent to a record US$3 508,54 per ounce, while December futures peaked at US$3 578,20/oz. The rally, driven by expectations of imminent US interest rate cuts and global trade policy uncertainty, also boosted other metals. Silver jumped to its highest level in nearly 14 years, while platinum approached an 11-year peak — particularly significant for Zimbabwe, one of the world's largest platinum producers.

The commodities rally comes as Zimbabwe's external position strengthens. According to the Zimbabwe National Statistics Agency (ZimStat), the trade deficit narrowed sharply in July, falling 94,5 percent to US$8,7 million from US$158,6 million in June. This improvement was attributed largely to robust gold exports.

Reserve Bank figures show exports rose 21,3 percent in July to US$877,5 million, up from US$723,5 million in June. Gold alone contributed US$310 million — about 35,4 percent of total exports. Between January and July 2025, gold exports reached US$1,385 billion, a 60,5 percent jump from the US$863,1 million recorded in the same period last year. That total already represents more than 91 percent of all gold export earnings for 2024.

The international outlook for gold remains bullish. Analysts at JP Morgan project that prices could average US$3 675 per ounce by late 2025 and may hit US$4 000 by mid-2026, buoyed by strong central bank purchases, institutional investor demand, persistent inflation, and rising geopolitical tensions.

With gold firmly established as a safe-haven asset, Zimbabwe is set to remain a key beneficiary of the global market trend, with higher earnings helping to ease its trade deficit and strengthen foreign currency inflows.