Zimbabwe’s gold exports rose by 135.6 per cent in January 2026 as sustained global bullion price strength continued to support mining revenues and foreign currency inflows, latest data from the Reserve Bank of Zimbabwe (RBZ) show.
By Ryan Chigoche
In the reported period, bullion export receipts reached US$290,1 million, up from US$123,1 million recorded in January 2025, reflecting the impact of the ongoing global gold price rally.
The strong start to 2026 follows a record-breaking 2025 performance in which Zimbabwe exported 44,7 tonnes of gold valued at US$4,8 billion, accounting for nearly half of the country’s total export earnings.
The high-price environment helped cushion the sector against sharper output weakness, even as production trends at the beginning of 2026 showed mild contraction. Total gold deliveries for January were approximately 3,04 tonnes, slightly below the 3,17 tonnes recorded in January 2025. Artisanal and small-scale miners remained the dominant source of supply, delivering 2,24 tonnes compared to 2,27 tonnes in the same period last year.
Large-scale mining firms contributed 808,4 kg, down from 903,2 kg in January 2025, reflecting the sector’s continued sensitivity to operational and investment dynamics.
Against this production backdrop, international gold markets have maintained exceptional momentum, with prices rising across short- and long-term horizons, reinforcing the value-driven expansion in export earnings despite relatively restrained volume growth.
The metal has nearly doubled in value over the past year and recently traded above US$5 000 per ounce.
Short-term gains stood at 3,5 per cent over the past week and 3,6 per cent over the past month, while year-on-year appreciation reached 74,5 per cent by February 2026.
Market sentiment remains firmly bullish, supported by structural macroeconomic factors, including sustained central bank purchases, geopolitical uncertainty, and persistent concerns over currency stability in major economies.
Analysts view the rally as part of a broader structural supercycle rather than short-lived speculation.
Investment banks have continued revising price forecasts upward. JPMorgan Chase & Co. expects gold could reach about US$6 300 per ounce by the end of 2026, while UBS Group AG projects a baseline price target of US$6 000, with a potential upside scenario of US$7 200 if geopolitical risks escalate.
The outlook is further strengthened by expectations that the United States Federal Reserve may implement two to three interest rate cuts in 2026, a move typically supportive of non-yielding assets such as gold. Rising military tensions in the Middle East have also reinforced safe-haven investment demand.
Despite relatively modest production growth, Zimbabwe’s gold sector is benefiting from the value effect of rising prices, suggesting that export earnings could remain elevated if current global economic and geopolitical conditions persist.
