Gold prices have surged to a one-month high on international markets amid escalating conflict in the Middle East, a development now supporting firm buying prices for Zimbabwean miners.
Spot gold climbed as much as 2.9 percent to above US$5,400 per ounce on Monday, its strongest level since late January, as investors rushed toward safe-haven assets following intensified fighting involving the United States, Israel and Iran.
The rally follows coordinated US-Israeli strikes on Iran over the weekend and subsequent retaliatory missile attacks across the region, heightening geopolitical uncertainty and shaking global financial markets.
Analysts say disruptions to bullion logistics have also added upward pressure after airspace restrictions in the United Arab Emirates — a key transit hub for global gold shipments — temporarily slowed metal flows into major Asian markets.
Market strategists note that uncertainty surrounding the conflict, rising energy costs and broader geopolitical fragmentation are reinforcing gold’s appeal as a hedge against risk and inflation. Major banks remain bullish, with some forecasts projecting prices could approach US$6,000 per ounce within the next year.
Zimbabwe prices remain firm
The global rally is reflected locally, with Zimbabwe’s official gold buyer, Fidelity Gold Refinery (FGR) maintaining strong buying prices for deliveries dated 2 March 2026.
Gold of 90 percent purity and above is being purchased at US$162.07 per gram, equivalent to US$5,040.94 per ounce, while the Fire Assay cash price — applicable to deliveries above 100 grams — stands slightly higher at US$162.93 per gram, or US$5,067.69 per ounce.
Lower grades are also attracting competitive rates, with gold between 85 and below 90 percent purity priced at US$160.36 per gram, and gold between 80 and below 85 percent fetching US$158.64 per gram.
Industry analysts say sustained global price strength is positive for Zimbabwe, where gold remains the country’s largest foreign currency earner and a key driver of small-scale mining activity.
With geopolitical tensions showing little sign of easing, traders expect gold demand to remain elevated in the near term, potentially supporting export earnings and miner revenues across the country.
