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In a significant move set to enhance competitiveness and transparency, Fidelity Gold Refinery (FGR) has announced an immediate shift to live market spot prices for all its gold purchases and settlements, Mining Zimbabwe can report.
By Rudairo Mapuranga
A key update to this new pricing structure is the method for setting the daily fixed price. Previously benchmarked against the previous day’s closing price, FGR will now set its daily fixed price using a live morning benchmark. This crucial change ensures the starting point for the day’s trading is more responsive to real-time overnight global market movements, giving producers a fairer and more current valuation from the market’s opening.
The change is designed to ensure that Zimbabwean gold producers, from large-scale operations to artisanal miners, receive the most current value for their deliveries, directly aligned with volatile international markets.
The announcement comes at a pivotal moment in the global precious metals landscape.
Gold prices have quadrupled in the past decade, recently hitting an all-time high near $5,600 per ounce in January 2026 before experiencing significant volatility. This environment underscores the critical importance of a responsive and transparent pricing mechanism for producers.
In its press release, FGR stated the update is part of its “ongoing commitment to providing the most competitive and transparent gold trading in Zimbabwe.” By transitioning its primary pricing reference to live spot prices, the refinery ensures its partners benefit from real-time market movements.
“This shift ensures that our valued partners… receive the most current value for gold deliveries. Our pricing remains accessible and verifiable, aligned with international trading standards,” FGR noted.
This modernized approach is crucial because, as financial experts explain, the gold spot price—the current market price for immediate delivery—changes every 15 seconds. It is influenced by a complex matrix of factors, including supply and demand, geopolitical tensions, currency movements (especially the US dollar), and high-frequency trading activity.
The global gold market has recently demonstrated extreme volatility. Analysts have observed unprecedented swings, with one report highlighting a staggering “$3+ trillion wiped out from gold and silver in minutes” following record highs. While attributed by many to profit-taking and speculative trading, such events highlight the market’s sensitivity and the need for local sellers to have clear, real-time pricing benchmarks. Benchmarking the daily price to the live morning market specifically addresses this, ensuring the fixed price reflects the most immediate market conditions.
For miners, understanding how their gold is valued is key. The value is determined by two core factors: weight (measured in troy ounces, where 1 oz t = 31.1035 grams) and purity (measured in karats, with 24K being pure gold). FGR’s adoption of a live morning benchmark for its daily fixed price means the base value of their product will now reflect the exact price at the day’s outset, as traded on global exchanges, before refinery premiums and costs are applied.
The move is widely seen as a positive step toward modernizing Zimbabwe’s gold trading ecosystem. By directly linking the daily fixed price to a live morning global benchmark, FGR reduces potential informational gaps and builds trust with producers. This fair and efficient pricing model can incentivize production and formalization within the sector, a cornerstone of the national economy.
“Our goal remains to ensure that the Zimbabwean gold industry thrives through fair, efficient, and modern trading practices,” FGR’s statement concluded.
For Zimbabwean miners, the change simplifies and modernizes the valuation process. The fixed daily price they receive will now be pegged to a more timely and verifiable international standard, set using live morning data rather than yesterday’s close.
