Gold exports climb to nearly US$3bn

Business Reporter

ZIMBABWE’S gold export receipts climbed 53 percent to US$2.95 billion in the first nine months of 2026, up from US$1.93 billion generated during the same period last year.

Official data from the Reserve Bank of Zimbabwe (RBZ) reveals that cumulative revenue reached US$5.11 billion across the period, derived from 36,383 kilogrammes of exported gold.

The surge in earnings aligns with the Government’s policy to position mining as the principal anchor of national economic development.

Under the current mining transformation roadmap, the Government targeted annual gold production of between 50 and 55 tonnes for 2026, building on the 46.7 tonnes produced last year.

Gold remains a central pillar of Zimbabwe’s macro-economic stability, accounting for over 50 percent of total mineral export revenues.

The sector supports more than one million livelihoods across the country through small-scale and artisanal mining, which accounts for over 70 percent of national output.

The revenue growth was driven by a sustained rally in global bullion prices alongside high export volumes.

International gold prices traded at elevated levels due to global geopolitical tensions, central bank reserve diversification, and anticipated interest rate adjustments.

In August 2026, average market prices reached US$4 676.82 per ounce, pushing Zimbabwe’s monthly gold export receipts to a seasonal high of US$417.5 million.

Market experts maintain a bullish stance on the metal’s trajectory for the remainder of the year and into 2027.

Commodities analysts at J.P. Morgan Global Research forecast global gold prices to average up to US$6 000 per ounce by the final quarter of 2026, citing strong structural demand from central banks.

Conversely, analysts at Goldman Sachs offer a more conservative outlook, projecting bullion to end 2026 at around US$4 650 per ounce.

Monthly export receipts grew consistently year-on-year, led by massive surges in January, up 136 per cent to US$290.08 million, and February, up 138 percent to US$278.54 million.

Monthly shipment volumes ranged from a low of 2 571.13 kg in March to a high of 5 162.71 kg in July, maintaining strong volumes above 4 800 kg per month through August and September.

Source: Gold exports climb to nearly US$3bn – herald

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