Gold earnings soar to US$2.95bn
STAFF WRITER
Zimbabwe’s gold export earnings surged 53% to US$2.95bn in the first nine months of 2026, underpinned by firm international bullion prices and robust shipment volumes, strengthening the precious metal’s position as a major source of foreign currency.
Official Reserve Bank of Zimbabwe (RBZ) data shows that the country exported 36 383 kilogrammes of gold between January and September, up from receipts of US$1.93bn recorded during the corresponding period last year.
The strong performance reinforces gold’s growing contribution to Zimbabwe’s external sector at a time when the Government is seeking to accelerate mining investment and position the sector as a key driver of economic growth.
Under its mining transformation roadmap, the Government has set an annual gold production target of between 50 and 55 tonnes for 2026, following output of 46.7 tonnes last year.
The broader ambition is to raise annual mining export earnings to US$5 billion through increased mineral production, the formalisation of artisanal and small-scale mining operations and investment in processing infrastructure.
Gold remains central to Zimbabwe’s mining industry, accounting for more than half of total mineral export revenues and providing a significant source of foreign currency.
The sector also supports more than one million livelihoods nationwide, with artisanal and small-scale miners contributing over 70 percent of national gold output.
The increase in export earnings during the nine-month period was driven by a sustained rally in international bullion prices, alongside strong shipment volumes.
Global gold prices remained elevated amid geopolitical tensions, continued diversification of central bank reserves away from US dollar-denominated assets and expectations of monetary policy adjustments in major economies.
In August, Zimbabwe’s average realised export price reached US$4 676.82 per ounce, helping push monthly gold export receipts to US$417.48 million.
Market analysts remain bullish on the precious metal’s prospects for the remainder of 2026 and into next year, citing sustained central bank purchases and demand from investors seeking safe-haven assets.
Commodities analysts at JP Morgan Global Research forecast that international gold prices could average as much as US$6 000 per ounce in the fourth quarter of 2026, supported by structural demand and continued investment inflows.
Goldman Sachs has adopted a more conservative outlook, projecting that bullion prices will end the year at approximately US$4 650 per ounce.
Monthly export receipts recorded substantial year-on-year growth, with February leading the gains after rising 138 percent to US$278.54 million, followed by January, when earnings increased 136 percent to US$290.08 million.
August generated the highest monthly export receipts at US$417.48 million, representing a 60 percent increase compared with the same month last year.
Gold shipment volumes ranged from a monthly low of 2 571.13 kilogrammes in March to a peak of 5 162.71 kilogrammes in July, reflecting sustained production and export activity.
Volumes remained above 4 800 kilogrammes a month in August and September, providing further support to export earnings alongside favourable international prices.
