Gold export earnings rise 43% to US$579m in April
HARARE — Zimbabwe’s gold export earnings continue to record a stellar performance owing to favourable yellow metal prices. For the first four months of the year ending in April, earnings increased by 42.78% to US$579,249,192.65, up from US$405,710,385.64 compared to the same period the prior year.
In 2025, bullion saw a remarkable climb to record values as investors have increasingly turned to the precious metal as a safe asset. Gold broke through the US$3,000 barrier for the first time in March and then saw a rapid increase of almost 15% in the past month, reaching a record high close to $3,500. Following an approximate 8% drop from its April 22nd peak, the metal has rebounded strongly and is now trading just below US$3,400, nearing its historical high.
This substantial increase in gold prices in 2025 has been driven by various factors, with aggressive central bank accumulation being a major contributor. China, in particular, has been consistently adding to its gold reserves for several months, providing a strong base of demand.
Beyond economic factors, geopolitical instability has acted as a strong driver for gold’s price surge. The continuing conflicts in Ukraine and Gaza, along with escalating trade friction between the U.S. and China, have encouraged investors to look for less risky assets. Gold, long recognized as a stable store of value, inherently attracts investment during times of increased global uncertainty.
Adding to this rally is the expectation of interest rate reductions by the Federal Reserve, following a significant cut in late 2024. Lower rates diminish the relative cost of holding assets like gold that don’t produce income, making them more attractive compared to interest-bearing investments.
At the same time, a weaker U.S. dollar, resulting from lower interest rates and economic uncertainty, has made gold more appealing. As gold is denominated in dollars, a weaker dollar generally pushes its price upward. Lastly, rising demand from both retail and institutional investors, alongside the expanding industrial use of gold in technology, has provided additional upward momentum.
Recent central bank data indicates a positive trend in Zimbabwe’s gold earnings, supported by rising gold deliveries which reached 12 tonnes in the first four months of the year. This suggests the gold sector is effectively leveraging the current global market instability.
April saw the highest earnings at US$183,332,061.35, a significant increase from the US$102,613,501.74 recorded in April of the previous year. Looking at monthly performance, April’s earnings were the highest, followed by March (US$155,798,456.31). January takes the third position, while February takes the last position.
The temporary 90-day pause in tariff increases between the US and China has lessened gold’s attractiveness as a safe investment. Consequently, spot gold prices remained stable at US$3,230.99 per ounce as of 0309 GMT, following a 2.7% drop in the previous trading session. Meanwhile, US gold futures saw a slight increase of 0.2%, reaching US$3,235.20.-finx
