The World Bank projects the average gold price in 2024 to reach US$2,100 per troy ounce.
This represents an 8.1% increase compared to 2023 and sets a new all-time high.
"Gold prices reached a new record high in April 2024 amid rising geopolitical tensions and increased demand as a safe haven asset," stated the World Bank in its April 2024 edition of the *Commodity Markets Outlook* report.
"Gold prices are supported by strong demand, particularly from several central banks in developing countries," it continued.
According to the World Bank, gold is a unique investment asset because its price often rises during times of conflict.
"Gold demand is expected to strengthen further in 2024, amid rising geopolitical uncertainty and policy uncertainty in various countries, partly due to numerous elections worldwide," they said.
After peaking in 2024, the World Bank predicts that gold prices will decline in 2025 as inflation subsides.