Q1 gold exports surge 113pc

Zimbabwe’s gold exports for the first quarter of 2026 reached US$843,3 million, a 113 percent increase from the US$395,9 million recorded during the same period in 2025, latest figures from the Reserve Bank of Zimbabwe (RBZ) show.

In January 2026, exports rose to US$290 million, representing a 135,6 percent jump compared to the US$123,1 million earned in January 2025.

March 2026 concluded the quarter with US$274,8 million in exports, growing by 137,5 percent from the US$115,7 million recorded in March 2025.

Earnings for February 2026 climbed to US$278 million, representing a 137,6 percent increase over the US$117 million generated during the same month in the previous year.

Earlier, Fidelity Gold Refinery reported first quarter deliveries reached 9,31 tonnes, 8,3 percent increase from the 8,59 tonnes recorded during the same period in 2025.

The country’s sole authorised buyer said the sector remains anchored by small-scale miners, who accounted for nearly 70 percent of total quarterly output.

Between January and March, the artisanal and small-scale sector delivered 6,51 tonnes, while primary producers contributed 2,8 tonnes.

Despite the quarterly growth, March witnessed a significant shift in production dynamics.
Small-scale deliveries plunged by about 30 percent compared to February, while primary producers recorded their strongest month of the year as deliveries climbed 24 percent to reach 1,1 tonnes.

Market analysts suggest the sharp contraction in the small-scale sector was triggered by a now-suspended Reserve Bank of Zimbabwe (RBZ) directive regarding payment structures.

The decline followed the central bank’s decision to end an arrangement where artisanal miners received 100 percent of their proceeds in US dollars.

In the 2026 Monetary Policy Statement, RBZ Governor Dr John Mushayavanhu initially mandated that small-scale miners accept 10 percent of their payments in local currency.

Industry players noted that the sudden shift sparked immediate friction within the sector, which is vital for the country’s export earnings and the stability of the ZiG.

The surge in export earnings has been largely driven by strong 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.

Gold was trading at about US$4,615 per ounce on global markets yesterday.
After reaching a historic peak of US$5 589 in late January, the market has entered a somewhat volatile period.
Spot gold prices rose by 1,6 percent on Wednesday, recovering from a one-month low of US$4 540 hit earlier this week.

This price action is being driven by several key factors. Sustained tensions in the Middle East and the collapse of recent international negotiations continue to drive investors towards bullion.

Emerging market central banks are systematically diversifying their reserves, purchasing an estimated 60 tonnes of gold per month.

Despite the recent correction, major financial institutions maintain aggressive targets for the end of 2026. Goldman Sachs projects a price of US$5 400, while JP Morgan has set a target as high as US$6 300 per ounce.

The surge in gold export earnings provides a critical anchor for the Zimbabwe Gold (ZiG), which was introduced as a structured currency backed by physical bullion and foreign exchange.
The substantial gold buffer has been instrumental in maintaining the interbank exchange rate, which at present oscillates around ZiG25 per US dollar, providing the market with much-needed predictability.
Gold exports contribute approximately 45 percent of Zimbabwe’s total foreign currency earnings.
The robust receipts have established a favourable external position that is playing a crucial role in stabilising the exchange rate, strengthening domestic liquidity, and facilitating the continued accumulation of foreign exchange reserves.