Categories: Zim Latest

Gold Coin and Gold-backed Digital Token Prices – 09 January 2024

The Reserve Bank of Zimbabwe (RBZ) has the latest prices of gold coins and digital tokens.

RBZ few months ago, started selling gold-backed digital currency to investors and set the initial minimum token price at $10 for individuals and $5,000 for corporates and other entities.

The tokens are sold in US dollars and local currency, but the latter shall be at a 20% margin above the willing-buyer willing-seller interbank mid-rate, the RBZ said in statement at the time.

Central bank governor Dr John Mangudya said the gold-backed digital tokens were fully backed by physical gold held by RBZ.

“The issuance of the gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public,” he said.

Depreciation of local currency, due to excessive demand for the greenback as a store of value, has largely been blamed for driving resurgent price (increases) and exchange rate volatility.

Apparently, a safe, reliable and profitable alternative investment option will provide another attractive investment instrument for investors holding excess Zimbabwe dollars, which will create less pressure on local currency.

And buying the tokens will protect buyers from adverse currency depreciation and inflation.

Gold is a stable asset as shown by the gold coins which were introduced at US$1 823 per coin.



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