ZIMBABWE’S gold export earnings for the 10 months to October 2025 soared by 88,9 percent to US$3,76 billion, up from US$1,99 billion during the same period last year, latest statistics from the Reserve Bank of Zimbabwe (RBZ) show.
The stellar performance is primarily attributed to record international gold prices, which have provided a significant boost to the country’s foreign currency income.
Gold remains Zimbabwe’s largest foreign currency earner, with production dominated by artisanal and small-scale miners, who now contribute more than 75 percent of total output.
Momentum in gold exports rose substantially in October 2025, which registered the highest monthly earnings at US$551,6 million, representing 14,67 percent of total earnings for the year during the review period.
Gold prices have surged across global markets, reaching unprecedented record levels and fundamentally reshaping global investment flows, consumer behaviour and sovereign reserve strategies.
The intense rally is being fuelled by a powerful convergence of factors, including persistent global economic uncertainty, escalating geopolitical tensions and structural shifts in the architecture of international finance.
Geopolitical risk has emerged as a dominant catalyst, injecting a significant “fear premium” into the gold price. Gold is universally regarded as the ultimate safe-haven asset in times of conflict.
The ongoing instability in the Middle East, the continued Russia–Ukraine conflict, rising tensions in East Asia, and mounting concerns over major-power rivalry between the United States and China have collectively pushed global investors towards the yellow metal.
Investors are seeking refuge in a physical, durable and universally trusted asset as a hedge against market volatility and potential economic disruption.
Another factor underpinning the bullion rally is record-breaking purchasing activity by the world’s central banks. Over the last three years, central banks have acquired gold at the highest rates seen in modern history.
Countries across Asia, the Middle East, Africa and Latin America are engaged in a strategic drive to diversify their reserves away from the United States dollar.
This mass accumulation is a direct response to global financial instability and the growing risk of sanctions or asset freezes, often referred to as the “weaponisation” of the dollar-based financial system.
By systematically demanding gold — an asset with no counterparty risk — central banks are both hedging against future financial volatility and reducing the available supply on the open market, thereby creating sustained upward pressure on prices.
Beyond geopolitical drivers, gold is receiving support from the evolving global monetary landscape. Expectations of potential economic slowdowns and anticipated interest rate cuts by major central banks, particularly the Federal Reserve, are making non-yielding assets like gold increasingly attractive.
Historically, a lower interest rate environment weakens the dollar and reduces the opportunity cost of holding gold, reinforcing its appeal as a robust store of value against inflationary concerns and currency debasement risks.
Local gold producers have capitalised on the price rally, successfully pushing up output. According to Fidelity Gold Refinery, the country’s sole gold marketer, deliveries for the first nine months of 2025 jumped 37 percent to reach 32,98 tonnes.
The increase, up from 24,2 tonnes recorded during the same period last year, places the country firmly on course to achieve its ambitious 40-tonne national target for this year.
The latest statistics highlight the crucial role of small-scale miners, whose output has overwhelmingly driven national performance.
Small-scale miners delivered 24,5 tonnes of gold through September — a massive increase from the 14,6 tonnes they produced in the corresponding period last year.
In contrast, deliveries from large mining houses fell to 8,54 tonnes in the first nine months of 2025, down from 9,55 tonnes a year earlier.-herald
