Online Reporter
Business Reporter
Zimbabwe’s gold export earnings climbed to a record US$3,071 billion during the first five months of 2026, nearly three times higher than the US$1,154 billion earned during the same period last year, as soaring international bullion prices and improved deliveries propelled the country’s largest foreign currency earner.
Latest figures from the Reserve Bank of Zimbabwe (RBZ) show that gold exports generated US$1,158 billion in May alone from US$278,1 million recorded in May 2025. The May performance also marked a strong recovery from April, when export earnings had fallen to US$97,2 million.
The figures underline gold’s growing contribution to Zimbabwe’s export receipts at a time when global bullion prices continue to trade at historic highs.
During the first five months of 2025, gold averaged between US$3 000 and US$3 350 per ounce.
Over the same period this year, prices climbed to around US$5 000 per ounce, with the precious metal benefiting from heightened geopolitical tensions, strong central bank purchases and investors seeking safe-haven assets amid global economic uncertainty.
The sharp rise in prices has significantly increased the value of Zimbabwe’s exports, with every ounce produced now generating substantially more revenue than a year ago.
Mining engineer Garry Killman said the exceptional performance reflected both favourable international market conditions and improved confidence among producers.
“The most significant factor has undoubtedly been the international gold price. Zimbabwe is receiving much more value from every ounce exported than it did last year, and that naturally translates into higher export earnings,” he said.
“Higher prices also encourage miners to increase production and deliver more gold through formal channels because the returns are more attractive. That creates a positive cycle where production, exports and Government revenues all improve simultaneously.”
The stronger prices have coincided with an increase in deliveries to Fidelity Gold Refinery.
Latest official figures show gold deliveries reached 3 951 kilogrammes in May, representing an 18,8 percent increase from April and more than 13 percent higher than in May last year.
Cumulative deliveries for the first five months of the year stand at 16,59 tonnes, placing Zimbabwe firmly on course to meet its 50-tonne production target for 2026.
Industry observers say the combination of higher production and significantly stronger prices has amplified export earnings beyond what increased output alone would have achieved.
The surge is also expected to translate into higher mineral royalties and tax revenues for the Treasury, strengthening Government finances without requiring a comparable increase in production costs.
Gold remains Zimbabwe’s single largest export commodity and continues to provide a vital source of foreign currency required to finance imports, support industrial production and improve the country’s balance of payments. In 2025, Zimbabwe’s total gold exports hit a historic record of US$4.61 billion, driven by favourable global prices and increased artisanal mining. Mr Killman said the outlook remained favourable provided miners continued investing in production capacity and authorities maintained policies that encouraged formal deliveries.
“If current prices remain firm and production continues on its present trajectory, Zimbabwe is well positioned to record one of its strongest years ever in terms of gold export earnings. The international market is doing much of the heavy lifting, but sustained growth will also depend on maintaining production momentum,” he said.
The strong performance also has positive implications for the country’s monetary framework.
Gold is one of the reserve assets backing the Zimbabwe Gold (ZiG) currency, meaning higher export earnings and increased official deliveries provide greater scope for the Reserve Bank to strengthen its gold reserves over time. Rising export proceeds also support broader foreign currency accumulation, reinforcing macroeconomic stability.
With bullion prices expected to remain elevated for much of the year and deliveries continuing to trend upwards, Zimbabwe’s gold sector is poised to remain the country’s biggest source of export earnings and one of the principal drivers of economic growth in 2026.
