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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.
