Gold production has recorded strong growth in August, with deliveries to the country's sole authorised buyer, Fidelity Gold Refinery (FGR), reaching 4,189 tonnes, a 22,6 percent year-on-year increase compared to the 3,418 tonnes produced in the same period last year.
The surge is largely attributed to the continued dominance of artisanal and small-scale miners, who delivered 3,249 tonnes in August 2025, a growth of 36 percent from their 2,39 tonnes in the same period last year.
The strong performance of the artisanal and small-scale miners underscores their critical role in the country's gold mining industry, accounting for nearly 78 percent of August's total output.
In contrast, primary producers delivered 939 kg in August 2025, a drop of 8,51 percent from the 1,027 tonnes in the same month last year.
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The positive momentum extends beyond monthly figures.
For the eight months to August 2025, total gold production reached 28,498 tonnes, from the 20,103 tonnes recorded in the first half of the year. The performance puts the country firmly on track to surpass its ambitious full-year gold output target of 40 tonnes.
Small-scale producers have been the key driver of the impressive performance, contributing 21,011 tonnes in the first eight months of the year, while primary producers contributed 7,486 tonnes.
The sustained growth is being fueled by a combination of high global gold prices, which have seen multiple record levels in 2025, and improved confidence in formal marketing channels.
These factors are incentivising miners to deliver their gold to the FGR, reducing illicit trade and bolstering the country's foreign currency reserves. Gold is the country's largest export earner.
Exports rose to US$1,385 billion in the first seven months of 2025, a 60,5 percent increase from the US$863,1 million earned during the same period in 2024, according to the Reserve Bank of Zimbabwe (RBZ).
The growth means that the country has already generated over 91 percent of the US$1,52 billion total from gold exports for the entire previous year.
Gold's global price rally continued on Friday, with the price of spot gold rising 0,5 percent to US$3 651,92 per ounce.
This puts the "yellow metal" just shy of the record of US$3 673.95, which it reached on Tuesday. The strong performance this week has resulted in a 1,8 percent gain for bullion.
Some analysts say gold's upward momentum could propel it to a new range of US$3700 to US$3,730 in the near term and view any short-term pullbacks as potential buying opportunities.
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The current surge in gold prices is an extension of a longer-term trend. The metal has appreciated by 37 percent year-to-date, building on a substantial 27 percent increase in 2024.
Gold's prolonged rally is driven by a combination of key factors, each contributing to its appeal as an investment.
A significant driver is the weaker US dollar, which makes gold more affordable for buyers holding other currencies, thereby increasing demand. Simultaneously, robust central bank demand is providing a strong foundation for the price increase.
Central banks across the globe are actively accumulating gold as a way to diversify their national reserves and reduce their reliance on the US dollar.
Furthermore, dovish monetary policies are making non-yielding assets like gold more attractive.
The prospect of lower interest rates diminishes the opportunity cost of holding gold compared to interest-bearing assets like bonds, making it a more appealing investment.
Elevated global uncertainty serves as a powerful catalyst for gold's safe-haven status. In times of geopolitical risks and economic instability, investors often flock to gold as a store of value to protect their wealth from market volatility and currency fluctuations.
The flight to safety provides a consistent bid for the precious metal.
