Business Reporter
Zimbabwe’s gold export receipts climbed 53 percent to US$2,95 billion during the first nine months of 2026, up from US$1,93 billion recorded during the corresponding period in 2025.
Official data from the Reserve Bank of Zimbabwe shows that the country exported 36 383 kilogrammes of gold during the period, generating substantial foreign currency receipts and reinforcing the mineral’s importance to the national economy.
The strong performance comes as Government intensifies efforts to position mining as a principal driver of economic development, with gold remaining central to the country’s mineral production and export growth strategy.
Under its mining transformation roadmap, Government set an annual gold production target of between 50 and 55 tonnes for 2026, building on the 46,7 tonnes produced in 2025.
The broader ambition is to increase annual mining export earnings to US$5 billion through accelerated mineral exploitation, formalisation of artisanal mining operations and investment in processing infrastructure.
Gold remains a critical pillar of Zimbabwe’s macroeconomic stability, accounting for more than 50 percent of total mineral export revenues and providing a significant source of foreign currency.
The sector also supports more than one million livelihoods nationwide, largely through small-scale and artisanal mining, which accounts for over 70 percent of national gold output.
The increase in export earnings during the first nine months of 2026 was driven by a sustained rally in international bullion prices, complemented by strong shipment volumes.
Global gold prices remained elevated amid geopolitical tensions, continued diversification of central bank reserves away from US dollar-denominated assets and expectations of adjustments to monetary policy in major economies.
In August 2026, average realised export prices reached US$4 676,82 per ounce, helping push Zimbabwe’s monthly gold export receipts to US$417,48 million.
Market analysts remain bullish on the precious metal’s prospects for the remainder of 2026 and into next year, citing persistent demand from central banks and investors seeking safe-haven assets.
Commodities analysts at JP Morgan Global Research forecast that international gold prices could average as much as US$6 000 per ounce in the final quarter of 2026, supported by strong structural demand and continued investment inflows.
Goldman Sachs, however, has adopted a more conservative outlook, projecting that bullion prices will end 2026 at approximately US$4 650 per ounce.
Monthly export receipts recorded substantial year-on-year growth, with February leading the gains after rising 138 percent to US$278,54 million, followed by January, which registered a 136 percent increase to US$290,08 million.
August recorded the highest monthly export earnings at US$417,48 million, representing a 60 percent increase compared with the corresponding month last year.
Gold shipment volumes ranged from a monthly low of 2 571,13 kilogrammes in March to a peak of 5 162,71 kilogrammes in July, demonstrating the strength of production and export activity throughout the period.
Volumes remained above 4 800 kilogrammes monthly through August and September, providing sustained support to export earnings alongside favourable international prices.
