Zimbabwe’s gold coins top $4 000 for first time on bullion rally

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Zimbabwe’s gold coins top $4 000 for first time on bullion rally

3:17 CAT | 01 Oct 2025

File photo: New Zimbabwe

Zimbabwe’s gold coins topped the $4 000 mark for the first time, lifted by a global rally in the metal that’s up 45% this year.

The 22-carat “Mosi-Oa-Tunya” gold coins — named after Victoria Falls, a popular tourist destination, and introduced in 2022 to counter a rapid depreciation of the now-defunct local dollar — were selling at $4 018.19 an ounce, according to data posted Tuesday on the central bank’s website.

Gold has been a boon for the mineral-rich southern African nation. Earlier this month it lifted its 2025 growth forecast to 6.6% on account of strong mining performance. Bullion exports nearly doubled in the first eight months of this year to $2.75 billion, as miners lifted gold production.

The boom has also benefited more than 700,000 artisanal miners. In Filabusi, southeastern Zimbabwe, streets are lined with BMW X5s and Land Rover Defenders, alongside modern homes bought with cash.

The ramp up in gold output has led to a steady rise in reserves that support the gold-backed currency, the ZiG. Foreign-currency reserves stood at $900 million at the end of last week, compared with $700 million on June 30, according to the central bank.

Source: Bloomberg