Online Reporter
Martin Kadzere-Business Reporter
ZIMBABWE’s gold deliveries jumped 37 percent to 32,98 tonnes in the first nine months of the year, according to latest statistics from Fidelity Gold Refinery, the country’s sole market for the bullion.
The increase, up from 24,2 tonnes recorded over 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 production.
However, recent media reports suggest that some large-scale miners are channelling a portion of their production through small-scale miner networks.
They allegedly do this as a strategy to bypass the 30 percent local currency retention requirement imposed by the Reserve Bank of Zimbabwe, since small-scale miners are permitted to retain 100 percent of their earnings in hard currency.
Small-scale miners delivered 24,5 tonnes of gold up to September, a massive increase from the 14,6 tonnes they produced in the corresponding period in the previous year.
The segment now accounts for nearly 75 percent of the country’s total gold output, cementing its position as the primary engine of the industry.
In contrast, deliveries from the large mining houses fell to 8,54 tonnes in the first nine months of 2025, a decline from the 9,55 tonnes produced a year earlier.
September emerged as the highest-performing month of the year, with deliveries hitting a peak of 4,4 tonnes.
With the country posting a year-to-date average monthly delivery of 3,66 tonnes, analysts suggest the momentum is sufficient to eclipse the 40-tonne target by year-end, providing a significant boost to Zimbabwe’s foreign currency reserves.
The value of gold has reached an unprecedented peak on global markets, climbing above US$4 000 per ounce to date.
The surge is driven by investors seeking secure assets amidst profound economic and political instability worldwide.
Gold is currently undergoing its most significant price surge since the 1970s, appreciating by approximately one-third since April.
The rally began shortly after United States President Donald Trump initiated new trade tariffs, which disrupted international commerce.
Market observers note that a further concern agitating investors is the postponement of vital economic indicators, a consequence of the ongoing second week of the US government shutdown.
Gold has been traditionally used as a “haven” asset, a class of investment widely anticipated to either maintain its value or appreciate during periods of market volatility or economic contraction.
The price of spot gold, the immediate, real-time market price of the metal for prompt exchange, exceeded $4 036 an ounce during trading on Wednesday afternoon in the Asian market.
Gold futures, contracts utilised to gauge future market sentiment, reached an equivalent level on October 7.
Futures represent binding agreements to purchase or sell the commodity at a specified price on a pre-agreed date in the future.
Gold is the country’s largest foreign currency earner, and it is the main commodity, alongside other precious minerals like platinum, that back Zimbabwe’s domestic currency, the Zimbabwe Gold (ZiG).
Besides gold producers, investors who have purchased gold coins have also benefited from the recent gold rally.
Zimbabwe remains a key player on the continent, ranking among the top gold-producing nations in Africa alongside peers such as Ghana (often the continent’s largest producer), Mali, South Africa, Burkina Faso, and Sudan.
These nations leverage their rich mineral wealth to generate substantial export revenue, with the continent as a whole contributing significantly to the global gold supply.
