Zimbabwe’s gold export earnings rose by 25 percent in the first five months of the year, driven by firmer global prices.
Fidelity Refinery data shows total gold exports reached US$748 million by May, up from US$599 million over the same period in 2024.
With prices strong, gold exports are on track to beat last year’s earnings of US$2.5 billion.
Gold exports have remained on an upward trajectory since January, consolidating the yellow metal’s position as Zimbabwe’s leading foreign currency earner.
Statistics released by the Reserve Bank of Zimbabwe this Tuesday confirm gold’s continued dominance in export receipts, buoyed by global prices now exceeding US$3 000 per ounce.
Economists have attributed the positive trend to sustained international demand for gold as a safe haven asset and growing investor interest.
“The entire issue is arising from the fact that gold is trending on an upward trajectory and this has further ignited more investors’ interest in the commodity, thereby boosting the overall value or returns for the yellow metal,” economist Dr Prosper Chitambara said.
“I foresee a situation whereby gold will continue to dominate the overall export receipts of the nation because by year end, there is that strong possibility of a further growth in earnings,” Tax consultant Mr Simba Hamudi added.
The growth in exports is also attributed to increased investors’ interest in gold as a safe haven asset, including incentives introduced by Fidelity Gold Refinery (Pvt) Limited for local producers of the yellow metal.
Zbc
