FIDELITY Gold Refinery (FGR) is anticipating gold deliveries to rise to 45 tonnes by year-end, exceeding initial projections of 40 tonnes, as miners look to cash in on soaring gold prices.
This comes as, since the start of the year, the gold price per ounce has surged by over 50% to US$4 051,61.
Initially, FGR had projected deliveries of 40 tonnes, which it has now revised to 45, surpassing 2024’s 36 tonnes.
Speaking during the just-ended Association of Mine Managers of Zimbabwe’s annual conference and general meeting held in Victoria Falls, FGR general manager Peter Magaramombe explained the revised projection.
“The current monthly gold delivered average is four tonnes per month. Assuming that this trend is maintained for the remaining period, and in terms of the remaining period, we are saying from November 20 to December 31, 2025, we are expecting an additional five tonnes of gold,” he said.
“With this hope, for the remaining period, we have projected that Fidelity will close the year at 45 tonnes of gold, surpassing the set target of 40 tonnes by five tonnes.”
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At current gold prices, this translates to exports for the year worth US$5,85 billion.
According to the latest data, small-scale producers delivered more than 70% of the gold deliveries in the first half of the year, with a haul of 14,56 tonnes.
This was attributed to better incentives for the yellow mineral, including 100% forex retention and the payment of 5% per 500 grammes delivered to FGR.
“The trend shows that gold deliveries grew by an average of 29% during the period under review,” Magaramombe said.
“We recorded a total of 29,6 tonnes in the year 2021, which grew rapidly to a current record of 40 tonnes as of November 20, 2025.”
He said the gradual increase in gold deliveries is due to supportive government policies, concerted efforts to stabilise the macroeconomic environment, enhanced transparency in payments and efforts by the government to formalise the artisanal and small-scale mining sector.
American multinational investment bank and financial services company, Goldman Sachs, forecasts the gold price to reach US$4 900 per ounce by the end of 2026.
“Fidelity takes a conservative focused approach of US$4 600 per ounce of gold, being the average gold price forecast for the year 2026 using the three reputable institutions’ predictions,” Magaramombe said.
“While the gold price is not the only determinant factor in terms of driving growth in gold deliveries, the positive influence of bullish gold prices cannot be ignored.
“Based on this, the total gold deliveries for the year 2026 are projected at 50 tonnes. This growth represents an 11% growth rate, taking into consideration the 45 tonnes projected to be delivered in the year 2025.”
He said the Gold Trade Enforcement Unit had collaborated with law enforcement agencies as a way to curb illicit gold smuggling to make sure that all gold that comes to FGR.
“The Gold Trade Enforcement Unit, in collaboration with the Zimbabwe Republic Police Illusion Monitoring Programme, has been highly successful in combating illicit financial flows, preventing money laundering, and ensuring that gold entering the formal system is from legitimate sources.”