Zimbabwe gold prices move to 118.26 per gram

Published: 2 hours ago

Zimbabwe's artisanal and small-scale gold miners are reaping major rewards after gold prices surged to US$118.26 per gram (3,678.64 per ounce), the highest level recorded in recent months.

The price rally has injected renewed optimism into the small-scale mining sector, which accounts for more than 60% of Zimbabwe's official gold deliveries. For many miners who have been battling steep operational costs driven by fuel shortages, unreliable electricity supply and soaring input prices, the latest development offers much-needed relief.

"This price is a game changer. At US$118 per gram, our efforts are finally paying off. We can reinvest in equipment and improve operations," said Evans Mapunga, a Mazowe-based miner.

Gold remains Zimbabwe's top foreign currency earner, and the latest price surge is expected to bolster national reserves at a time when the economy is grappling with liquidity constraints. Fidelity Gold Refinery (FGR), the country's sole authorised buyer, has reported a steady rise in deliveries from small-scale miners, a trend likely to accelerate as prices remain firm.

Economic analysts say the surge is driven by global dynamics, including geopolitical tensions, inflationary fears, and strong demand for safe-haven assets. Locally, the impact is especially pronounced, as thousands of families in rural areas depend on artisanal mining for survival.

Despite the positive outlook, challenges remain. Frequent mine accidents, rampant smuggling, and environmental damage continue to undermine the sector's long-term sustainability. Experts are urging government and stakeholders to prioritise mechanisation, safety standards, and formalisation to protect both miners and the economy.

For now, however, miners are celebrating what many describe as a long-overdue break. As one miner summed it up: 'Zvakabhadhara' - it finally paid off.
- Mining Zimbabwe

Tags: Gold,