Zimbabwe adopts spot pricing to boost gold deliveries

Fidelity Gold Refinery has announced the adoption of live spot pricing for gold purchases, a move analysts say is designed to attract higher deliveries by aligning payments with prevailing international market rates.

In a statement released late Wednesday, the refinery said it has transitioned its primary pricing reference to live global spot prices to better reflect movements in the precious metals market.

"To better reflect the dynamic nature of the global precious metals market, Fidelity has transitioned its primary pricing reference to live market spot prices," the refinery said.

The company said the new pricing model would enhance competitiveness and transparency in Zimbabwe's gold trade.

"This shift ensures that our valued partners - from large-scale producers to small-scale miners - benefit by receiving the most current value for gold deliveries. Our pricing remains accessible and verifiable, aligned with international trading standards," Fidelity said.

The change takes immediate effect and applies to all gold purchases and settlements, the refinery added.

Fidelity expressed optimism that the move would strengthen the domestic gold sector by promoting "fair, efficient and modern trading practices."

The announcement comes as gold deliveries to Fidelity reached a record 46.7 tonnes in 2025, marking a 28% increase from the previous year. The growth was driven by firm global prices, which exceeded US$3,500 per ounce, incentivising production.

Artisanal and small-scale miners continued to dominate output, accounting for more than 70% of total deliveries to the refinery.