Gold deliveries slip in January as both mining sectors weaken

ZIMBABWE’S gold deliveries for 2026 began on a subdued note, with both large-scale and small-scale producers recording year-on-year declines, according to the latest data from the Fidelity Gold Refinery (FGR).

The country’s sole authorised gold buyer reported that total deliveries for January stood at about 3,04 tonnes, a slight decrease from the 3,17 tonnes recorded in January 2025.
The figures underscore Zimbabwe’s continued dependence on artisanal and small-scale miners, who remain the backbone of national bullion output despite a modest drop in deliveries.

Small-scale miners contributed 2,24 tonnes in January 2026, compared to 2,27 tonnes during the same period last year. Large-scale producers, meanwhile, delivered 808,4kg in January 2026, down from 903,2kg in January 2025.

Small-scale miners consist of thousands of individuals and small syndicates using basic tools and equipment. They continue to anchor national production, accounting for more than 70 percent of Zimbabwe’s total gold output.

Large-scale miners, by contrast, are established companies operating extensive underground works supported by heavy machinery. Though their total output is smaller than the artisanal sector’s, they provide stable long-term employment and contribute significantly to tax revenues.

Global gold prices slipped by one percent to US$4 948 per ounce yesterday (Tuesday) as a 0,2 percent rise in the United States dollar index and thin Asian trading volumes dampened demand.

Following the record highs seen earlier in 2026, many traders opted to take profits, particularly in the absence of clear direction from recent US inflation readings.

Analysts say gold will require a weaker dollar to move towards the US$6 000 mark. For now, the market remains in a “wait-and-see” mode as investors await upcoming Federal Reserve minutes and GDP data for clues on potential interest rate cuts — a key determinant for non-yielding assets such as bullion.

The global gold rally has provided crucial support for Zimbabwe, reinforcing the metal’s position as the country’s primary foreign currency earner.

In 2025, gold exports generated a historic US$4,6 billion, representing nearly half of Zimbabwe’s total export earnings. This surge in bullion revenue supplied essential liquidity to the economy, strengthening confidence in both foreign currency availability and the gold-backed Zimbabwe Gold (ZiG) currency, while helping to contain inflation.

Zimbabwe posted a record annual gold output of 46,7 tonnes in 2025 – a 17 percent rise from the previous year.

The strong performance was driven largely by the artisanal and small-scale sector, which delivered approximately 34,9 tonnes, or around 75 percent of the national total.

Government policy has played a central role, particularly the decision to maintain favourable royalty regimes for small-scale operators. Combined with elevated global gold prices, this has encouraged thousands of miners to formalise their deliveries.

Beyond boosting export earnings, the gold boom enabled the Reserve Bank of Zimbabwe (RBZ) to continue building strategic reserves that underpin the local currency. Under a policy requiring miners to pay part of their royalties in physical gold, national reserves had reached four tonnes by early 2026.