ZIMBABWE’S gold exports surged by 135,6 percent in January 2026 compared to the same month last year, according to the latest statistics from the Reserve Bank of Zimbabwe (RBZ). The increase reflects a growth trajectory that mirrors the metal’s extraordinary 95 percent year on year price gain.
Bullion exports rose to US$290,1 million in January 2026, up from US$123,1 million recorded during the same period in 2025.
The surge in earnings has been largely attributed to record breaking international gold prices, which have remained strong since last year. The favourable global market environment has enabled Zimbabwe to maximise returns on its mineral resources as the country continues to rely on the “yellow metal” as a key anchor of the economy.
The strong performance follows a historic year in 2025, when Zimbabwe exported an all time high of 44,7 tonnes of gold worth US$4,8 billion — nearly half of the country’s total export earnings. This marked a substantial rise from 33,7 tonnes produced in 2024, which earned US$2,53 billion.
The record inflows have provided essential support for the country’s gold backed currency, the Zimbabwe Gold (ZiG).
Artisanal and small scale miners continue to dominate the sector, contributing roughly 75 percent of the gold delivered to Fidelity Gold Refinery last year.
Gold deliveries for 2026, however, got off to a slow start, with both large scale and small scale producers recording year on year declines in output. Zimbabwe’s sole authorised buyer reported that January deliveries totalled about 3,04 tonnes, slightly down from 3,17 tonnes during the same month in 2025.
The data underscores the country’s ongoing reliance on artisanal and small scale miners, who remain central to national bullion output despite the marginal drop in deliveries. Small scale miners supplied 2,24 tonnes in January 2026, compared to 2,27 tonnes in January 2025. Large scale producers delivered 808,4kg in January 2026, down from 903,2kg in the corresponding period last year.
ZiG
Small scale miners are thousands of individual or loosely organised operators using basic equipment, while large scale miners are major firms with extensive underground operations and heavy machinery.
Following a 0,9 percent rise on Monday, gold futures have posted exceptional growth across all timeframes. The metal has nearly doubled in value in just over a year, recently surpassing the US$5 000 per ounce mark. Prices are up 3,5 percent over the past week and 3,6 percent over the last month, with the metal having gained 74,5 percent since February 2025.
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This momentum comes after an even stronger peak on January 29, 2026, when the one year gain stood at a remarkable 95,6 percent.
Analysts partly attribute the ongoing “super cycle” to aggressive central bank gold purchases and heightened geopolitical uncertainty. Sentiment on gold remains firmly bullish, with several major investment banks forecasting that the precious metal could surpass US$6 000 per ounce — and possibly move higher — by the end of 2026.
Experts describe the current rally as structural rather than speculative, driven by a combination of central bank buying, global instability and widespread currency debasement.
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JP Morgan is the latest major institution to revise its gold forecast upward, predicting prices could reach US$6 300 by year end. This aligns with outlooks from Deutsche Bank and Société Générale, both of which believe gold is likely to extend its historic rally through 2026.
Market strategists at UBS expect even stronger gains. While their baseline projection is US$6 000, they warn that mounting geopolitical tensions could push prices as high as US$7 200 in an “upside scenario”.
The rally is further supported by expectations of two or three interest rate cuts by the United States Federal Reserve this year, coupled with escalating military tensions in the Middle East — factors that analysts believe could render the US$6 000 target conservative in retrospect.-herald
