Chamwe Kaira
The Chamber of Mines of Namibia says the outlook for gold has strengthened as the country prepares to accumulate refined gold as part of its foreign reserves.
This follows a memorandum of understanding between the Bank of Namibia (BoN) and QKR Navachab Gold Mine.
Under the agreement, locally mined gold will be refined at the Rand Refinery in South Africa before being purchased by the central bank.
The Chamber says this introduces a new source of institutional demand and reinforces the role of domestic gold production.
Gold prices remained strong in February 2026, averaging US$5,019.97 per troy ounce.
Prices rose 42% year-to-date and were 73% higher than in February 2025. Month-on-month, prices increased by 6%, supported by safe-haven demand linked to global uncertainty, including conflict in the Middle East.
Uranium prices also continued to rise. The average price reached US$88.23 per pound in February 2026, up 31% year-on-year from US$67.26.
Prices increased 20% year-to-date and stood 21% above the 12-month average, supported by demand for nuclear energy and tightening supply.
The diamond market remains under pressure. The Chamber says the diamond price index has been declining since mid-2025, dropping from above 95 to the low-80 range by early 2026.
Prices stabilised at lower levels in February due to weak demand in key markets such as the United States and China, and competition from lab-grown diamonds. Minor changes in prices do not point to a recovery in the short term.
Base metals showed mixed performance. Copper prices averaged N$12 951.35 per tonne in February 2026. Prices rose 31% year-to-date and 39% year-on-year, supported by industrial demand, infrastructure investment and the energy transition. Month-on-month growth slowed to 0.5%.
Tin prices remained high, increasing 44% year-to-date and 53% compared to February 2025. Prices declined 2% from January, showing a short-term correction despite strong demand from electronics and energy sectors.
Zinc prices increased 14% year-to-date and 19% year-on-year, supported by demand from construction and manufacturing. Lead prices remained weak, showing no growth year-to-date and declining 2% year-on-year.
The Chamber links this to lower demand and the shift toward electric vehicles, which use less lead-based battery technology.
