In October, gold earnings increased by 135 percent after a drop in August and September
Gold exports experienced a powerful upswing, with earnings tracing a dramatic curve in the three months to October.
In August, Bank of Uganda data indicates that the country earned $526.33m from gold exports. That figure alone underscored gold's growing importance as one of the country's top foreign exchange earners.
Yet just a month later, in September, earnings slipped to $410.99m, a drop of about 22 percent.
Bank of Uganda data does not explain the dip, but October delivered a resounding rebound, with export earnings soaring to $964.6m, nearly a billion dollars in a single month, and the highest level ever recorded.
That is a 135 percent jump from September and about 83 percent higher than August, turning the three-month trend line into a sharp rebound rather than a gradual climb.
This trajectory reveals a short-term slump followed by a spectacular surge, reflecting both the inherent volatility of the global gold market and Uganda's growing capacity to respond and scale up exports. The story is not just about dollar values; it is also about physical volumes.
According to Bank of Uganda figures, the country exported 8,298 kilogrammes of gold in October, more than double the 3,765 kilogrammes shipped in September.
This shows that October's windfall is not merely a price effect but a real increase in quantities exported, a sign that more gold is moving through Uganda's formal export channels.
Economically, this "golden quarter" could not be more timely. With pressures on the shilling, fiscal constraints, and a need to build foreign exchange reserves, nearly a billion dollars from a single commodity in one month gives policymakers extra breathing room.
Higher gold earnings can help stabilise the shilling, reinforce external buffers, and open up space for critical public investments.
But the surge also raises important questions. Can Uganda sustain this level of performance? The three-month pattern since August highlights both the promise and the risk: strong underlying momentum, but also exposure to sharp swings in global demand, prices, and regional trading dynamics.
For Uganda to fully capitalise on this boom, experts argue that the focus must shift from raw exports to value addition and governance, which means tightening traceability and regulation in the gold trade, curbing illicit flows, and encouraging refining, processing, and related services within Uganda.
For now, however, the numbers speak for themselves. From $526.33m in August to $410.99m in September, and then a leap to $964.6m in October, gold performance since August has been nothing short of dramatic.
October stands out as a truly golden month, and a glimpse of what is possible if the sector's potential is harnessed with discipline, transparency, and long-term vision.