Zimbabwe’s Gold Coins Surpass $4,000 for the First Time Amid Bullion Surge

For the first time, Zimbabwe’s gold coins have exceeded the $4,000 threshold, propelled by a global surge in gold prices that has risen by 45% this year.

The 22-carat “Mosi-Oa-Tunya” gold coins, named after the iconic Victoria Falls and launched in 2022 to combat the rapid decline of the now-obsolete local dollar, were priced at $4,018.19 an ounce, as reported on the central bank’s website on Tuesday.

Gold has proven to be a significant asset for the mineral-rich nation in southern Africa. Earlier this month, the government raised its 2025 growth forecast to 6.6% due to robust mining activity. In the first eight months of this year, bullion exports surged, nearly doubling to $2.75 billion thanks to increased gold production by miners.

This boom has also positively impacted over 700,000 artisanal miners. In Filabusi, located in southeastern Zimbabwe, streets are now filled with BMW X5s and Land Rover Defenders, alongside modern homes purchased outright.

The increase in gold production has resulted in a continual rise in reserves backing the gold-backed currency, the ZiG. According to the central bank, foreign currency reserves reached $900 million at the end of last week, up from $700 million on June 30.

© 2025 Bloomberg

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