Zimbabwe’s gold export earnings reached US$278.5 million in February 2026, driven by firm international gold prices and a sharp increase in deliveries from the artisanal and small-scale mining (ASM) sector, according to the latest data from the Reserve Bank of Zimbabwe (RBZ).
By Rudairo Mapuranga
The February figure represents a 138 per cent surge compared to the same month last year, when gold receipts stood at US$117 million.
February’s export earnings were slightly lower than the US$290.1 million recorded in January 2026. However, the January figure was more than double the US$123.1 million earned in January 2025.
Cumulative gold export earnings for the first two months of 2026 now stand at approximately US$568.6 million.
According to data from Fidelity Gold Refinery, Zimbabwe’s sole operational gold buyer, total gold output for February 2026 reached 3,412.9 kilograms (approximately 3.4 tonnes).
Artisanal and small-scale miners accounted for nearly 74 per cent of total gold deliveries for the month, cementing their role as the backbone of Zimbabwe’s gold industry.
In late February, the RBZ introduced a new payment structure requiring small-scale miners to receive 90% of their gold proceeds in US dollars and 10% in local currency (ZiG). However, the policy faced implementation challenges and was temporarily suspended in March, effectively restoring the previous arrangement of 100% US dollar payments.
Gold prices have maintained a strong upward trajectory, with spot bullion hovering near the US$5,000 per ounce threshold. The rally follows a historic 2024–2025 super-cycle, during which prices surged by more than 60 percent in a single year, driven by geopolitical instability and a global shift in central bank reserves.
Major financial institutions, including JP Morgan and Bank of America, have revised their 2026 year-end gold price targets to the US$6,000–US$6,300 range.
Following a record-breaking 2025 output of 46.7 tonnes, the Government has set an ambitious gold production target of 50 tonnes for 2026.
The RBZ has been aggressively accumulating gold reserves to support the ZiG currency. As of early 2026, Zimbabwe’s foreign exchange reserves had grown to approximately US$1.2 billion, largely anchored by physical gold holdings and mineral-linked royalties.
