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Gold buying prices in Zimbabwe per gram/ ounce, 17 December 2025

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Gold buying prices in Zimbabwe per gram/ ounce, 17 December 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above131.374,086.07
SG 85% and above but below 90%129.984,042.83
SG 80% and above but below 85%128.593,999.60
SG 75% and above but below 80%127.203,956.37
Sample 5g and above but below 10g125.123,891.67
Fire Assay CASH132.074,107.84

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

Seven Miners Killed in Shaft Collapse at Chegutu Mine

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The Zimbabwe Republic Police (ZRP) has confirmed a fatal mining accident that claimed the lives of seven miners at Stewart 3 Mine in Pickstone, Chegutu.

According to a police statement, the incident occurred on December 15, 2025, when a shaft in which the miners were working collapsed. Seven miners died at the scene, while four others sustained injuries of varying severity.

The injured miners were reportedly rescued and taken to a nearby medical facility for treatment. Emergency services and mine rescue teams attended the scene as efforts were made to secure the area and account for all workers.

Authorities have since launched investigations to establish the cause of the shaft collapse and to assess whether safety procedures were being followed at the mine. The ZRP said further details surrounding the incident, including the identities of the deceased and injured, will be released in due course.

The tragedy has once again highlighted ongoing safety challenges within the country’s mining sector, particularly in underground operations, where shaft collapses remain a persistent risk.

Chrome vs Gold Mining in Zimbabwe – Which Is Easier to Mine and More Profitable?

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Mining is the backbone of Zimbabwe’s economy, with gold and chrome ranking among the country’s most strategic minerals. Both commodities support thousands of livelihoods, from artisanal miners to large-scale operators, and both are central to export earnings. Yet for investors, small-scale miners, and new entrants into the sector, a critical question remains: between chrome and gold mining in Zimbabwe, which is easier to mine and which is more profitable?

Geological Distribution and Ease of Mining

Zimbabwe is richly endowed with gold, hosting extensive greenstone belts that stretch across the country. Gold occurs in both primary hard-rock deposits and secondary alluvial formations along rivers and old workings. Alluvial gold is particularly attractive to artisanal and small-scale miners because it can be accessed with basic equipment such as picks, shovels, pans, and sluice boxes. However, hard-rock gold mining is more demanding, requiring drilling, blasting, and milling, as well as a higher level of geological understanding.

Chrome, on the other hand, is largely concentrated along the Great Dyke, one of Zimbabwe’s most significant geological features. Chromite seams along the Dyke are often shallow, laterally continuous, and predictable. This makes chrome mining comparatively easier, especially through open-pit methods. The consistency of chrome ore bodies reduces geological risk, which is a major advantage for miners with limited capital.

From a purely mining perspective, chrome is generally easier to extract in Zimbabwe due to its predictable geology and simpler mining methods.

Capital Requirements and Technical Complexity

Gold mining in Zimbabwe can be capital-intensive, particularly beyond the artisanal level. Processing gold-bearing ore requires crushing and milling, followed by gravity concentration or chemical processes such as cyanidation. Compliance with environmental and safety regulations further increases costs, especially where chemicals are involved.

Chrome mining is typically less complex. In many cases, chromite ore only needs washing, screening, and basic beneficiation before sale. This lower level of processing translates into reduced capital expenditure and operational costs. For small- to medium-scale miners, chrome mining often presents a lower barrier to entry than gold. However, excavator hire costs should be taken into consideration.

Marketing, Pricing, and Payments

Gold benefits from a well-established formal market in Zimbabwe. The Fidelity Gold Refinery (FGR) provides a ready buyer, with prices linked to international benchmarks and relatively prompt payment. This market structure offers transparency and price certainty, making gold attractive despite its technical challenges.

Chrome pricing is less straightforward. Prices are influenced by global stainless steel production, particularly demand from China, and can be volatile. Chrome miners are also affected by export policies, logistics, and transport costs, which can significantly impact margins given the bulky nature of the ore.

Profitability Dynamics

Gold is a high-value mineral, meaning small volumes can generate substantial revenue. When grades are good and recovery is efficient, gold mining can be highly profitable, even at relatively small scales. However, profitability can quickly erode if ore grades are inconsistent, recovery rates are poor, or costs are poorly controlled.

Chrome mining generally operates on lower margins but makes up for this through volume. Large-scale chrome operations along the Great Dyke can be consistently profitable, particularly during periods of strong global demand. For small-scale chrome miners, profitability is more sensitive to price swings and transport distances.

In essence, gold offers higher potential returns but carries higher risk and complexity, while chrome offers more predictable, though often thinner, margins.

Regulatory and Environmental Considerations

Gold mining in Zimbabwe faces increasing regulatory scrutiny due to environmental degradation, especially from alluvial mining and the use of hazardous chemicals. Compliance costs and enforcement actions can affect operations.

Chrome mining, while not without environmental impact, generally involves fewer hazardous substances and is often easier to regulate. Open-pit chrome operations can be simpler to monitor, although land disturbance remains a concern.

Rounding up

In Zimbabwe, chrome mining is generally easier to mine due to its predictable geology, shallow deposits, and simpler processing requirements. It is often the preferred entry point for miners with limited capital and technical capacity.

Gold mining, however, remains more profitable in potential terms. Its high value, strong global demand, and structured local market make it a more lucrative option when operations are well managed.

Ultimately, the choice between chrome and gold mining in Zimbabwe depends on a miner’s resources, experience, and risk tolerance. For simplicity and lower upfront costs, Chrome is often the easier path. For those willing to manage greater complexity in pursuit of higher returns, gold remains the more profitable prize.

Kavango Eyes Joint Venture to Unlock Botswana Copper Potential Amid Strong Price Trends

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VFEX- and London-listed junior Kavango Resources is actively reviewing strategic options for its extensive land positions in the Kalahari Copper Belt (KCB) in Botswana, including the possibility of bringing in a joint venture (JV) partner to help advance exploration, Mining Zimbabwe reports.

By Ryan Chigoche

The company said the review remains at an early stage, with no assurance it will result in a transaction, or on the timing and terms of any potential deal.

The company’s contiguous ~6,200 km² licence package lies along strike from two of the belt’s standout assets — MMG’s Khoemacau copper mine and Sandfire Resources’ Motheo copper-silver project — giving Kavango a strategic foothold in one of Southern Africa’s most prospective copper provinces.

This proximity to established operations adds weight to the junior’s exploration ambitions and highlights the potential of its licences to host economically significant deposits.

Early drilling results have reinforced interest in the tenure. At the Karakubis prospect, diamond drilling intersected copper mineralisation in all seven initial holes, with portable XRF measuring grades exceeding 1% copper.

In addition, broad zones of hydrothermal alteration were encountered, suggesting the potential for larger, high-quality deposits. Together, these early results indicate that Kavango’s licences may mirror geological traits observed at other successful projects within the belt, further validating its exploration strategy.

Supporting this, geophysical surveys and structural interpretation indicate favourable folding and contact zones between the D’Kar and Ngwako Pan formations — geological settings historically linked with major copper mineralisation.

Moreover, satellite imagery analysis has highlighted structural parallels with Sandfire’s T3 copper mine, suggesting that similar mineralisation styles could exist on Kavango’s tenements.

These findings strengthen the case for continued exploration and underline the strategic importance of Kavango’s landholding.

Kavango emphasised that a JV is only one of several strategic avenues being considered. Bringing in a partner could provide both technical expertise and capital, enabling the company to accelerate drilling programmes, expand geophysical surveys, and advance towards resource definition.

At the same time, such a partnership would help share the costs and risks associated with early-stage exploration, which remain significant in frontier copper provinces like the Kalahari Belt.

The timing of these plans is also influenced by broader market dynamics. The global copper price environment has remained robust throughout 2025, supported by tight supply, resilient demand from electrification and industrial sectors, and constrained inventories.

On the London Metal Exchange (LME), copper has traded at historically strong levels, reflecting sustained bullish sentiment amid structural deficits. This price momentum not only increases the attractiveness of Kavango’s copper projects but also strengthens the rationale for exploring partnerships or accelerating development efforts.

While the Botswana copper assets draw attention, Kavango continues to progress its Zimbabwe gold portfolio. The company recently raised additional funding via a Zimbabwe subscription and share issuance to support working capital and exploration work, with the shares expected to be admitted on both the London Stock Exchange and the Victoria Falls Stock Exchange.

In Zimbabwe, Kavango has exercised its option to acquire 100% of the Nara Gold Project, secured funding for its local operations, and commenced resource drilling at the Bill’s Luck site on the Hillside Gold Project, targeting a maiden mineral resource estimate.

With Zimbabwe’s greenstone belt underexplored yet richly endowed, Kavango’s dual strategy of advancing gold production in Zimbabwe while pursuing copper discoveries in Botswana reflects a balanced approach.

This strategy positions the company to unlock substantial shareholder value while capitalising on favourable market fundamentals for both metals.

Gold buying prices in Zimbabwe per gram/ ounce, 16 December 2025

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Gold buying prices in Zimbabwe per gram/ ounce, 16 December 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and above131.124,078.29
SG 85% and above but below 90%129.734,035.06
SG 80% and above but below 85%128.353,992.13
SG 75% and above but below 80%126.963,948.90
Sample 5g and above but below 10g124.883,884.21
Fire Assay CASH131.814,099.75

 

Note: The Fire Assay cash price applies to gold above 100g, with no sample deduction.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

How a CSR Initiative Became a Lifeline for a Kamativi Mother

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Corporate Social Responsibility (CSR) programmes can sometimes appear as mere obligatory exercises, a box to be ticked for public image. However, for Kamativi Mining Company (KMC), a July medical outreach clinic, which could have been perceived as a single-day event to fulfil a commitment, unfolded into a profoundly different story — one where corporate follow-through turned a routine clinic into a dramatic, life-saving intervention, Mining Zimbabwe can report.

By Rudairo Mapuranga

It began as a free, one-day medical camp at the Kamativi Community Hall. KMC, as part of its social investment, hosted a team of Chinese medical specialists who attended to over 400 community members. For many, it was their first consultation with a qualified doctor in years. The event provided diagnoses, medication and minor surgeries. On the surface, it was a successful community outreach. But for one attendee, it marked the beginning of a desperate race against time.

That attendee was Caroline Zulu, a 32-year-old mother of two who had been living in silent agony. “I was living with pain every day,” she confessed, recalling the stomach tumour that was slowly consuming her hope. “I had almost accepted that this was my fate.” Her visit to the clinic was a last resort. What doctors discovered during her examination, however, transformed KMC’s CSR from a one-off event into a sustained mission.

“KMC acted immediately when the doctors told me my situation was serious,” Caroline said. “They did not treat me like a number. They treated me like family.”

IMG-20251215-WA0007

With her condition flagged as critical, the company triggered an urgent response. It guaranteed full financial and logistical support, coordinating her complex journey through the healthcare system. KMC covered costs for advanced tests in Victoria Falls and a CT scan in Bulawayo, ultimately facilitating her admission and successful major surgery at Parirenyatwa Hospital in Harare in October.

The total cost of her medical bills, transport and support exceeded US$5,000 — a lifeline that was unequivocally the difference between despair and survival.

“I remember being wheeled into theatre and thinking, ‘This is my second chance,’” Caroline recounted, her voice filled with emotion. “I would not have been there without KMC. They literally saved my life.”

Her successful recovery is a powerful testament to the potential depth of corporate-community partnership. When Mining Zimbabwe recently visited her home, she was not there — she had gone out to visit a friend, a simple act that speaks volumes about her restored health.

“This operation gave me my life back,” she said. “I can laugh again. I can dream again. Most importantly, I can be a mother again. KMC did not just help me heal; they gave my children their mother back.”

Caroline’s story is the most dramatic highlight, but it is anchored in a broader, intentional CSR strategy. The July clinic itself provided critical early interventions, detecting conditions such as pre-diabetes and treating chronic ailments for hundreds.

Local leadership affirms the transformative impact. Ward 11 Councillor Joshua Tshuma describes such initiatives as an “investment in human capital,” while Chief Nekatambe praised KMC for bringing “life to the people”.

For KMC, which reopened the dormant Kamativi mine as a lithium venture, this reflects a core operating principle.

“To KMC, mining is not simply about extracting resources; it is about nurturing long-term sustainability and shared prosperity in the communities where it operates, and we are proud that we did save a life in our community. We wish her good luck in the future,” stated Chief Operating Officer Mr Turkey Liang.

This philosophy extends beyond healthcare. The company has invested in vital infrastructure — roads, electricity and water — and its integrated community programmes recently earned it a Responsible Mining and Social Impact Award.

Caroline Zulu’s journey from a free clinic chair to a hospital operating theatre dismantles the notion of CSR as a publicity stunt. It shows that, with genuine commitment and compassionate follow-through, corporate responsibility can forge stories of hope, restore families and, indeed, save lives. For KMC, the tick-box was not the goal; the human impact was. And as Caroline’s laughter now fills her home again, that impact is measured in the most precious currency of all: a future restored.

Mine Surveying with AMSZ President, Stewart Gumbi

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The mine surveying profession in Zimbabwe is rapidly evolving from traditional measurement work to a strategic role at the heart of mine management. Stewart Gumbi, President of the Association of Mine Surveyors of Zimbabwe (AMSZ), explains how technology, regulation, and collaboration are transforming the profession from “Survey to Strategy.”

Here is how our interview went.

Thank you for discussing the changing role of mine surveyors. It’s a significant time for our field, especially in Zimbabwe.

The Association of Mine Surveyors of Zimbabwe, AMSZ, is leading a shift from traditional surveying to strategic leadership, as highlighted by our recent conferences, “From Survey to Strategy” in 2024 and “Advancing Data Integrity, Operational Excellence, and Investor Confidence for a Thriving Zimbabwean Mining Sector” in 2025. Surveyors now act as spatial data custodians, independent production auditors, and vital links between digital plans and physical operations. With new technology and updated regulations from the Ministry of Mines and Mining Development MMMD, the mine surveyors continue to play a key role in ensuring safe, compliant, and profitable mining. I look forward to sharing insights on our profession.

What is the role of mine surveying in designing and validating mines, pit limits, and stope layouts?

Mine surveyors bridge the gap between engineering plans and on-site reality through a continual process of preparation and validation.

1. Preparation (Informing the Plan)

Surveyors provide precise 3D topographic and as-built models essential for creating accurate mine designs. A solid initial survey ensures mine plans are both practical and economical.

2. Validation (Controlling the Plan)

Surveyors act as independent auditors by:

  • Setting out design limits in the field,
  • Surveying completed excavations with advanced tools, and
  • Comparing designs to as-built conditions to identify deviations.

Reports highlight overbreaks, underbreaks, geometric compliance, and safety concerns. Accurate stope scans inform engineers, helping optimise future stope designs and improve resource recovery and safety. Surveyors don’t just measure compliance—they enforce it, tying every variance directly to financial outcomes.

How do you collaborate with geologists and mine planners to ensure that survey data supports optimal extraction and safety?

Practical and Effective mining relies on close teamwork between surveyors, geologists, and mine planners. Each role depends on sharing accurate information: geologists create resource models, planners design based on survey maps, and surveyors set out plans and verify results. Regular feedback ensures designs match field conditions and helps update geological models.

The Integrated Workflow

Geologists build the 3D resource model; planners use this and surveyor maps to design safe, cost-effective mines; surveyors set out and record actual excavation results.

The Critical Feedback Loop

Surveyors report on how well the as-built matches the plan, guiding planners on practical adjustments and cost efficiency. Surveyors also provide precise coordinates for geologists, helping refine resource models after excavation.

The Technological Enablers

Collaboration is supported by integrated software and Mining Data Management systems, ensuring everyone works from up-to-date plans and data. Professional workshops and shared data standards further strengthen this technical partnership, making spatial control the backbone of all mine planning.

How do you ensure accurate reconciliation between mined material, processed ore, and resource models?

Reconciliation compares the geologist’s resource model (prediction), the mine’s reported output (production), and what the plant actually processes (final product). Surveyors play a vital role by providing precise “actual” measurements to pinpoint where and why discrepancies occur, enabling better reserve understanding.

Surveyor’s Role in Reconciliation

The reconciliation considers three key components:

  • Resource Model: Predicted tonnes/grade before mining.
  • Mined Material: Surveyor’s as-built survey, serving as the first actual measurement.
  • Processed Ore: Certified plant production figures, the ultimate reference point.

Ensuring Accuracy

Surveyors are accountable for “Mined Material” and “Stockpile” figures, making accuracy crucial. We achieve this by:

  • Conducting precise 3D as-built surveys (often using LiDAR/SLAM)
  • Accounting for blast movement to avoid misaligned dig lines
  • Performing meticulous stockpile surveys to prevent phantom variance
  • Collaborating across teams and ensuring data consistency (e.g., adjusting for moisture content differences)

This process not only identifies discrepancies but also improves planning. Reliable data converts unknown variances into predictable factors, reducing financial risk and supporting continuous improvement.

What specific techniques and controls maintain accuracy during underground surveying in GPS-denied environments?

In underground settings with no GNSS access, surveyors rely on a dead-reckoning approach, primarily using a high-precision traverse. Traverses consist of wall stations measured with a 1-second total station, with each station’s position calculated from the previous one. Errors can accumulate over distance, so strict procedures are needed:

  • Observation Protocols: Measure angles on both faces, distances both ways, and use forced-centring to reduce errors.
  • Gyro-Theodolite: Finds True North for absolute azimuth; sets initial direction and re-checks traverse periodically to control angular errors.
  • Closed Loops: Connect traverses back to starting points or known coordinates to calculate and adjust misclosure.
  • Redundant Resections: Use measurements to three or more control stations for setup quality and local stability checks.

SLAM Technology and Hybrid Methods:

SLAM offers fast mapping for complex areas, but it drifts and isn’t suitable as primary control. The best method uses a precise traverse and gyro for establishing main control, while SLAM scanners handle secondary mapping tied to known traverse stations.

Survey control is critical; mine operations depend on the accuracy provided by surveyors, underlining the importance of professional standards.

How do you manage and correct cumulative errors when extending underground survey networks?

Cumulative error is a major challenge in underground surveying. Each measurement introduces small random errors that build up over a traverse. Rather than eliminating error, surveyors aim to quantify, control, and correct it through four main stages:

  • Management: Minimise errors by using calibrated instruments, strict field procedures, and techniques like zig-zag traverses.
  • Azimuth Correction: Use gyro-theodolites to reset directional error with true north bearings.
  • Position Correction: Employ closed loops by returning traverses to known points, allowing calculation and correction of misclosure.
  • Adjustment: Apply statistical methods (typically least-squares adjustments) to distribute and correct error across the network.

The “Open Traverse” Problem

In situations where a closed loop isn’t feasible (e.g., new mine declines), error management and regular checks are crucial. Two-way traverses and repeated station surveys help detect issues. Surveyors must balance rigorous control for critical measurements with faster methods for production tasks, weighing operational needs against risk to maintain survey integrity.

How will automation, AI, and real-time data shape mine surveying?

These technologies are converging to enable fully self-optimising mines, with surveyors as key information architects.

1. Automation and Robotics

Autonomous vehicles and robotic surveyors already operate in mines. Surveyors will move from field data collection to managing automated fleets—overseeing drones and robots that handle routine tasks remotely, greatly improving safety by removing people from hazardous zones.

2. Artificial Intelligence (AI) and Machine Learning (ML)

AI rapidly interprets collected data, automating point cloud analysis, feature extraction, and reconciliation. Surveyors will approve AI-generated compliance reports instead of manual processing. Advanced analytics will allow for real-time pattern recognition—predicting slope failures and identifying resource-rich areas using integrated geological and survey data.

3. Real-Time Data and the Digital Twin

Automation and AI combine to create a dynamic “Digital Twin”—a live 3D replica of the mine updated by autonomous systems. This allows managers to test scenarios virtually and enables automatic rerouting of equipment according to real-time conditions.

The Surveyor’s Role

Far from replacing surveyors, this shift elevates their responsibilities: ensuring data accuracy, maintaining the digital twin, and focusing on advanced analytical work. Surveyors remain essential as trusted custodians of mine data, guaranteeing the integrity of digital models and supporting strategic decision-making. I encourage all Mine Surveyors to adopt this technology quickly, learn it thoroughly, and apply it in their daily work to provide better services for our expanding mining industry.

Conclusion

The mine surveying profession in Zimbabwe is transitioning from manual methods to a digital, strategic role. With new government regulations and technologies like LiDAR, UAVs, and AI, surveyors are now key leaders in information management and data governance in mining. The Association of Mine Surveyors of Zimbabwe (AMSZ) is dedicated to equipping its members with the necessary skills and recognition to advance a safer, more sustainable, and profitable mining sector.

 

Foreign nationals Banned from the Artisanal Mining sector

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The Government has formally banned foreign nationals from participating in Zimbabwe’s artisanal mining sector, reinforcing its policy that small-scale mineral exploitation remains the exclusive preserve of Zimbabwean citizens.

The ban is contained in Statutory Instrument 215 of 2025, published in the Government Gazette Extraordinary on 11 December 2025, which sets out regulations governing foreign participation in sectors reserved for locals.

Under the new regulations, artisanal mining is explicitly listed as a sector exclusively reserved for Zimbabweans, meaning foreign nationals are prohibited from owning, operating, financing, or exercising beneficial control over artisanal mining activities in the country.

Authorities have also tightened rules on beneficial ownership, empowering regulators to investigate and expose foreign nationals operating artisanal mining ventures through local proxies.

Any business or operation suspected of concealed foreign ownership may be required to submit sworn declarations disclosing the true beneficial owners. Failure to disclose, or providing false information, constitutes a criminal offence punishable by heavy fines or imprisonment of between three and five years.

While the regulations provide a regularisation framework for foreign businesses operating in certain reserved sectors, artisanal mining does not qualify for foreign participation under any threshold, effectively closing the door on exemptions or permits in the sector.

Any foreign national found operating, funding, or assisting artisanal mining activities will be deemed to be acting unlawfully and risk prosecution, suspension of licences, and prohibition from conducting business with Government entities for up to five years.

Government says the move is aimed at protecting local livelihoods, curbing illicit mineral flows, and strengthening community-based mining, which employs hundreds of thousands of Zimbabweans across gold, chrome, and other mineral-rich areas.

The ban also aligns with broader efforts to formalise the artisanal mining sector and ensure that its economic benefits accrue directly to citizens rather than external actors operating outside regulatory oversight.

Strong Signal to the Market

The inclusion of artisanal mining among sectors fully reserved for locals sends a strong signal to investors that foreign capital must be channelled into large-scale, value-adding, and industrial mining ventures, rather than informal or small-scale operations.

Statutory Instrument 215 of 2025 takes immediate effect, and enforcement agencies have been empowered to act against any violations without further notice.

Zim Gold Export Earnings Jump 89pc to US$3,76bn on Price Rally

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Zimbabwe’s gold export earnings surged sharply in the first ten months to October 2025, rising 88,9 percent to US$3,76 billion from US$1,99 billion recorded over the same period last year, according to the latest figures from the Reserve Bank of Zimbabwe (RBZ).

By Ryan Chigoche

This sharp increase reflects the strong performance of gold on international markets, where prices have climbed to record levels, significantly boosting the country’s foreign currency inflows.

As Zimbabwe’s largest export earner, gold continues to play a pivotal role in underpinning economic stability.

Riding on this favourable price environment, domestic production has remained resilient, with artisanal and small-scale miners sustaining the bulk of output.

The segment now contributes more than 75 per cent of total gold production, making it a critical driver of export growth.

The strength of the sector was particularly evident in October 2025, when gold exports recorded their highest monthly earnings of US$551,6 million.

The strong monthly performance capped a period of consistent growth, accounting for about 14,7 percent of total gold export receipts for the ten months to October.

The local performance mirrors broader global trends, as gold prices continue to surge amid heightened economic uncertainty and rising geopolitical tensions.

These conditions have reshaped global investment behaviour, reinforcing gold’s traditional role as a store of value during periods of instability.

Geopolitical risk has emerged as a key catalyst behind the rally, injecting a pronounced safe-haven premium into bullion prices.

Ongoing instability in the Middle East, the protracted Russia–Ukraine conflict, rising tensions in East Asia, and intensifying rivalry between major global powers have driven investors towards gold as protection against market volatility.

At the same time, central banks have added further momentum to the rally through sustained gold purchases.

Over the past three years, official sector buying has reached record levels as countries across Asia, Africa, the Middle East, and Latin America accelerate efforts to diversify reserves away from the United States dollar.

This shift reflects growing concerns over global financial instability and the increasing risk of sanctions and asset freezes linked to the dollar-based financial system.

By steadily accumulating gold, central banks have tightened supply on global markets, reinforcing upward pressure on prices.

Beyond geopolitics, the global monetary outlook has also favoured gold. Expectations of slower economic growth and potential interest rate cuts by major central banks, particularly the US Federal Reserve, have reduced the opportunity cost of holding non-yielding assets, further strengthening bullion’s appeal.

Locally, the sustained price rally has translated into a robust production outlook. Fidelity Gold Refinery says Zimbabwe has already surpassed the 40-tonne gold production milestone, with total output now projected to reach about 45 tonnes by the end of 2025.

The strong earnings performance underscores gold’s growing importance to Zimbabwe’s economy at a time when global prices remain elevated, and investor demand for the metal continues to strengthen.

Gold Prices Shoot to us$132.07

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Zimbabwe’s gold market opened the week on a strong footing, with prices surging sharply across all categories, underscoring renewed momentum in the precious metals sector.

The top-grade SG 90% and above category climbed to US$132.07 per gram (US$4,107.84/oz), marking a notable jump from Friday’s US$128.52 per gram (US$3,997.39/oz).Gold Prices Shoot to 132.07

The latest price movements reflect a broad-based rally, with gains recorded across every grading band. SG 85% and above but below 90% rose to US$130.67/g (US$4,064.29/oz), up from US$127.16/g (US$3,955.98/oz) on Friday.

Similarly, SG 80% and above but below 85% advanced to US$129.27/g (US$4,020.75/oz), compared to US$125.80/g (US$3,914.56/oz) previously.

Lower-grade categories also mirrored the upward trend. SG 75% and above but below 80% increased to US$127.87/g (US$3,977.20/oz) from US$124.44/g (US$3,873.14/oz), while sample deliveries of 5g and above but below 10g improved to US$125.78/g (US$3,912.20/oz), up from US$122.40/g (US$3,808.63/oz) at the end of last week.

The Fire Assay CASH price posted one of the strongest performances, rising to US$132.76/g (US$4,129.30/oz) from US$129.20/g (US$4,018.77/oz) on Friday, reinforcing bullish sentiment among producers and traders.

The sharp week-on-week increase highlights firm demand for gold and offers relief to miners, particularly small-scale producers who are highly sensitive to price movements. If the current trajectory holds, the improved price environment could bolster production incentives and enhance foreign currency inflows into the sector in the near term.