Zimbabwe’s gold sector recorded robust growth in August, with deliveries to Fidelity Gold Refinery (FGR), the country’s sole authorised buyer, reaching 4,189 kilogrammes.
This marked a 22.6 percent increase compared with 3,418 kilogrammes during the same period last year.
Artisanal and small-scale miners continued to dominate production, supplying 3,249 kilogrammes in August, a remarkable 36 percent rise from 2,390 kilogrammes last year.
Their contribution accounted for almost 78 percent of total deliveries. By contrast, primary producers delivered 939 kilogrammes, down 8.5 percent from 1,027 kilogrammes in August 2024.
Cumulatively, gold output for the first eight months of 2025 stood at 28,498 kilogrammes. This positions the country well to exceed its annual target of 40 tonnes. Small-scale miners have so far contributed 21,011 kilogrammes, while large-scale producers have supplied 7,486 kilogrammes.
Analysts attribute the growth to sustained strength in international bullion prices and increased confidence in formal marketing channels.
The Reserve Bank of Zimbabwe (RBZ) reports that gold exports reached US$1.385 billion in the first seven months of 2025, representing a 60.5 percent jump from US$863.1 million over the same period last year.
The international price of gold has been a major driver of this performance. On Friday, spot prices rose 0.5 percent to US$3,651.92 per ounce, just shy of the all-time high of US$3,673.95 set earlier in the week.
Analysts believe prices could climb further, potentially testing the US$3,700 to US$3,730 range in the short term.
This rally has been underpinned by a combination of factors. Chief among them is a weakening US dollar, which makes gold cheaper for holders of other currencies.
Central banks have also stepped-up purchases as part of efforts to diversify reserves, while dovish monetary policies in key economies have reinforced the appeal of non-yielding assets such as bullion.
Added to this is heightened geopolitical and economic uncertainty, which has strengthened gold’s traditional role as a safe-haven asset.
With global conditions remaining favourable and small-scale miners showing resilience, Zimbabwe’s gold industry is poised to remain a key foreign currency earner.
If current trends continue, the country could not only meet but surpass its production target, bolstering export receipts and strengthening its external sector.
