Gold Prices Rise, Increasing Global Uncertainty?

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Adi Ahdiat 16/04/2024 11:39 WIB

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Gold prices surged to a new record high in March 2024. According to the World Bank, the rise in gold prices is one indicator of increasing global uncertainty.

Average Gold Price per Month (January 2010-March 2024)*

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Average Gold Price per Month (January 2010-March 2024)*

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Gold prices have continued to strengthen in recent months. According to World Bank data, up to March 2024, the average price of 99.5% fine gold (London Fix Afternoon Price) reached US$2,158 per troy ounce.

The price increased by 12.8% compared to March of the previous year (year-on-year), setting a new record high in World Bank records.

According to the World Bank, gold prices often rise in line with increasing investor concerns about the global situation.

"Gold prices are often seen as a barometer of global uncertainty," stated the World Bank in its October 2023 Commodity Market Outlook report.

"Past geopolitical conflicts and uncertainties have often been accompanied by rising gold prices. If a wider conflict occurs in the Middle East, gold prices are likely to rise further from already high levels, as investors shift to safer assets (safe-haven assets)," it continued.

The World Bank notes that in the last two decades, gold prices have always risen significantly during international conflicts.

For example, during the September 11 attacks in the United States (2001), the Libyan civil war (2011), the US airstrikes on Iranian militant group bases in Baghdad (2019), the Russia-Ukraine war (2022), and the Israel-Hamas war (2023).

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."