Decline in Gold Prices Leads to Weakening of Zimbabwe's ZiG Currency Zimbabwe’s new gold-backed currency, the ZiG, experienced its first decline since its introduction this April, slipping nearly 1% to trade at 13.38 against the dollar on Thursday. This weakening aligns with recent drops in gold prices, which have seen a downturn over the past three days. The ZiG, an acronym for Zimbabwe Gold, is supported by a mix of precious metals, including approximately 2.5 tons of gold, and $100 million in foreign currency reserves maintained by the central bank. The currency debuted at 13.56 per dollar, replacing the significantly devalued Zimbabwean dollar, which had plummeted about 80% against the US dollar since the beginning of the year. During a business conference in Bulawayo, Zimbabwe’s Vice President Constantino Chiwenga emphasized the ZiG’s role in transitioning away from the US dollar, which is used in roughly 80% of transactions. The government plans to phase out the US dollar as legal tender by 2030. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Dollar Gains as Market Awaits Fed Minutes; Pound Steady on Inflation Data READ MORE Gold: A Surge Toward $2,400 Looks Imminent READ MORE SILVER ALERT: Could This Mexican Law Change Cause a Supply Crunch? READ MORE The Ticking Debt Bomb: How to Safeguard Your Investments from the Inevitable READ MORE Canada Tightens Grip on Critical Minerals Sector, Raising Bar for M&A Approvals READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment