• Glistening prospect

    Glistening prospect

    Zimbabwe’s gold coins sold for more than US$2 000 each for the first time since their introduction last year.

    The Mosi-oa-Tunya gold coins, named after Victoria Falls, were priced at US$2 002.51 per one-ounce coin this month, as reported by BNN Bloomberg.

    The Reserve Bank of Zimbabwe (RBZ) introduced an initial 2 000 gold coins, each valued at ZWL805 745.35, as legal tender in July last year, in an effort to avoid a currency collapse and help ease demand for US dollars. Each coin has a purity of 22 ct.

    On the coins’ release, the RBZ described them as ‘an alternative investment product for those who want to store value’.

    The coins are minted by the RBZ-owned Fidelity Printers, also the sole buyer of gold in the country. Additional smaller units were introduced into circulation in November.

    24 January 2023
    Image: Gallo/Getty Images