Zimbabwe’s gold export receipts rose 61 percent in the eight months to August 2026, reaching US$2.6 billion from US$1.62 billion recorded during the same period last year, latest Reserve Bank of Zimbabwe figures show.
The strong performance has been attributed to higher international gold prices and continued growth in domestic production, with the precious metal retaining its position as the country’s leading foreign currency earner.
Mining analysts said sustained investment across the sector, coupled with increased production from artisanal and small-scale miners, had supported the growth in gold shipments and export earnings.
Global gold prices have remained elevated throughout 2026, supported by geopolitical uncertainty, central bank accumulation of bullion and shifts in monetary policy across major economies.
Gold now accounts for about half of Zimbabwe’s export basket, significantly exceeding the contribution of other major export commodities, including tobacco, platinum group metals and nickel.
Zimbabwe shipped 31.459 tonnes of gold between January and August, with the consignments recording a combined shipment value of US$4.45 billion.
The average price realised on Zimbabwean shipments stood at US$4 187.55 per ounce, equivalent to about US$147 711.45 per kilogramme, compared with the global benchmark average of US$4 570.46 per ounce.
Artisanal and small-scale miners continue to make a major contribution to national gold deliveries, accounting for more than 70 percent of total deliveries. Their output has been supported by Government incentives, improved processing facilities and targeted support programmes.
Large-scale mining companies have also stepped up investment in deep-level mining and processing efficiency as producers seek to take advantage of sustained high commodity prices.
Gold export receipts maintained strong year-on-year growth throughout the period.
January receipts increased 136 percent to US$290.08 million, while February earnings rose 138 percent to US$278.54 million. March receipts reached US$274.68 million, representing a 76 percent increase from the same month in 2025.
April recorded US$343.97 million, up 88 percent, while May receipts rose 70 percent to US$286.95 million.
June earnings reached US$363.89 million, an increase of 21 percent, followed by US$344.83 million in July, up 11 percent.
August registered the highest monthly receipts of the year at US$417.48 million, representing a 60 percent increase from the US$261.06 million recorded during the same month last year.
Shipment volumes also strengthened during the middle of the year, with July recording the highest monthly volume at 5.162 tonnes, valued at US$670.7 million.
August followed with 4.853 tonnes valued at US$686.04 million, while June shipments stood at 4.435 tonnes, with a value of US$590.24 million.
The increased foreign currency generated by gold exports is also contributing to the reserves underpinning the Zimbabwe Gold (ZiG), with the currency’s reserve framework incorporating physical gold, precious metals and foreign currency holdings.
With 31.46 tonnes already shipped in the first eight months, the sector remains on course to approach or exceed the national annual target of 50 tonnes if the current production and export momentum is sustained through the remainder of 2026.
