World Bank Predicts Gold Price Increase in 2023, Decrease in 2024

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Adi Ahdiat 02/05/2023 17:00 WIB

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The World Bank projects a 6% increase in gold prices in 2023, followed by an 8% decrease in 2024.

World Bank Projection of Average Gold Prices (2020-2024)

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World Bank Projection of Average Gold Prices (2020-2024)

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In its April 2023 Commodity Markets Outlook report, the World Bank projects that gold prices will rise this year.

"The price of gold is expected to average USD 1,900 per troy ounce in 2023, about 6% higher than in 2022," the World Bank stated in its report.

According to the World Bank, the increase in gold prices this year is influenced by the weakening US dollar, high inflation rates, and the ongoing Russia-Ukraine war.

This is assumed to encourage investors to buy gold, an investment instrument considered low-risk or a safe haven.

"The price of gold in March 2023 was already 51% higher than the average price from 2015-2019," said the World Bank.

Despite the positive projection, the World Bank assesses that gold prices remain potentially volatile, given the high economic uncertainty and the unstable geopolitical situation.

The World Bank also predicts that gold prices will fall to an average of USD 1,750 per troy ounce in 2024, as shown in the chart above.

"In 2024, gold prices are projected to fall by 8%, in line with a global economic recovery and easing inflationary pressures," they said.

"In the long term, inflation rates and interest rates will be key factors influencing gold prices," they continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."