Zimbabwe’s gold export earnings surged by more than 138 percent in February 2026 compared to the same period last year, as the country continues to benefit from firm global prices and increased production.
According to the latest data from the Reserve Bank of Zimbabwe (RBZ), gold receipts for February 2026 reached US$278,5 million, from S$117 million recorded in February 2025.
The February export earnings were slightly lower than the US$290,1 million recorded in January; however, the figure remains more than double the US$123,1 million earned in January 2025.
As a result, the cumulative earnings for the first two months of 2026 now stand at approximately US$568,6 million, highlighting gold’s critical role as the country’s top foreign currency earner.
Gold is strategically important to Zimbabwe as the country’s single largest export, which accounted for 47 percent of total earnings for 2025.
Zimbabwe’s gold production in 2025 hit an all-time high of 46,7 tonnes, a 17 percent increase from 2024 (36,48 tonnes).
Market analysts attribute the surge to a combination of high international gold prices — which have frequently tested new records in early 2026 — and a significant increase in deliveries from the artisanal and small-scale mining (ASM) sector.
Gold prices are maintaining a relentless upward trajectory, with spot bullion hovering near the US$5 000 per ounce threshold.
The precious metal’s performance follows a historic 2024–2025 “super-cycle” that saw prices surge by more than 60 percent in a single year, driven by a perfect storm of geopolitical instability and a global shift in central bank reserves.
Market analysts describe 2025 as the year gold transitioned from a traditional hedge to a primary growth asset.
After breaching the US$3 000 mark in early March 2025 amid escalating trade tensions, the metal continued climbing to peak at US$4 380 by late October.
This rally was sustained by a weakening US dollar and a series of aggressive interest rate cuts that significantly lowered the opportunity cost of holding non-yielding bullion.
The momentum shows little sign of fatigue, with major financial institutions including JP Morgan and Bank of America revising their 2026 year-end targets towards the US$6 000 to US$6 300 range.
According to analysts, the current surge is underpinned by a fundamental shift in the global financial architecture, most notably a massive “de-dollarisation” trend among emerging market central banks.
As countries diversify away from the greenback in response to frozen sovereign assets and shifting trade alliances, physical gold has become the ultimate neutral reserve.
Furthermore, persistent conflict in the Middle East and the looming shadow of US$340 trillion in global debt have cemented gold’s status as the world’s premier safe-haven asset, as investors brace for prolonged economic and political uncertainty.
The RBZ has been aggressively accumulating gold reserves to back the ZiG currency, which was introduced in 2024. As of early 2026, Zimbabwe’s foreign exchange reserves have grown to about US$1,2 billion, largely anchored by the physical gold holdings and mineral-linked royalties.
The Government has set an ambitious gold production target of 50 tonnes for 2026, following the record-breaking output in 2025.-herald
