By 
By Ross Moyo
With Mutapa Investment Fund (MIF)s Fidelity Gold Refinery posting a year-to-date average monthly delivery of 3,66 tonnes, the momentum is sufficient to eclipse the Sovereign Wealth upgraded Fund’s 40-tonne target by year-end, providing a significant boost to Zimbabwe’s foreign currency reserves.
This was revealed by the Mutapa investment fund entity after racking in gold deliveries jumping 37 percent to 32,98 tonnes in the first nine months of the year, according to Fidelity Gold Refinery, the country’s only market for the bullion.
This increase, up from 24,2 tonnes recorded over the same period last year, puts Zimbabwe firmly on the map towards attaining its ambitious 40-tonne national target for this year.The value of gold has reached an unprecedented peak on global markets, climbing above US$4 000 per ounce to date.
This surge is driven by investors seeking secure assets amidst profound economic and political instability the world over.
Bullion is currently undergoing its most significant price surge since the 1970s, appreciating by approximately one-third since April.
Gold’s rally began shortly after United States President Donald Trump initiated new trade tariffs, which disrupted international commerce.
A further concern agitating investors is the postponement of important economic indicators, a consequence of the ongoing second week of the US government shutdown.
The yellow metal has been traditionally used as a “haven” asset, a class of investment widely anticipated to either maintain its value or appreciate during periods of market volatility or economic contraction.
With the price of spot gold, the immediate, real-time market price of the metal for prompt exchange, exceeded $4 036 an ounce during trading on Wednesday afternoon in the Asian market.
Gold futures, contracts utilised to gauge future market sentiment, reached an equivalent level on October 7.
Futures represent binding agreements to purchase or sell the commodity at a specified price on a pre-agreed date in the future.
Tcountry’s largest foreign currency earner, gold is the main commodity, alongside other precious minerals like platinum, that back Zimbabwe’s domestic currency, the Zimbabwe Gold (ZiG).
Other than gold producers, investors who have purchased gold coins have also benefited from the recent gold rally and Zimbabwe remains a key player on the continent, ranking among the top gold-producing nations in Africa alongside peers such as Ghana (often the continent’s largest producer), Mali, South Africa, Burkina Faso, and Sudan.
These countries leverage their rich mineral wealth to generate substantial export revenue, with the continent as a whole contributing significantly to the global gold supply.
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