International Journal of Business and Economics Volume 24, No. 2 September, 2025

The Impact of Gold Coins and Gold-Backed Digital Tokens on Price Stability in Zimbabwe

Mihlayifani Nicholas Nyoni

Sustainability and Entrepreneurship Research Center, Mae Fah Luang University

Frah Rukhsar Khan

Limkokwing University of Creative Technology

Abstract

Zimbabwe has long struggled with economic instability, characterized by hyperinflation and currency devaluation, leading to severe price volatility. This persistent issue undermines the economic confidence and financial security of its citizens. In an attempt to stabilize prices, the government introduced gold coins and gold-backed digital tokens as potential solutions. However, the impact of these measures on local goods pricing and the commodities market remains underexplored, warranting further investigation. This study employed a quantitative design, administering a structured questionnaire to 68 economists drawn from the Zimbabwe Economics Society, and the Taro Yamane formula was used for sample size, to examine adoption trends and evaluate the impact of gold-based assets on price stability. The findings indicate a growing acceptance of gold coins and gold-backed digital tokens, reflecting their perceived role in preserving value amid currency instability. Furthermore, the analysis reveals that the adoption of gold-based assets contributes positively to price stability, supporting the argument that gold remains a reliable hedge in volatile economic environments.

Keywords：Gold Coins, Digital Tokens, Price Stability

JEL Classifications：G

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