War Echoes, World Bank Predicts Gold Price Increase Until 2024

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Adi Ahdiat 31/10/2023 17:25 WIB

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The World Bank had predicted a decline in gold prices in 2024. However, following the outbreak of the Israeli-Palestinian conflict in October 2023, gold prices are now forecast to rise until next year

World Bank Projection of Average Gold Prices per Year (2021-2025)

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War Echoes, World Bank Predicts Gold Price Increase Until 2024

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World Bank Projection of Average Gold Prices per Year (2021-2025)

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Earlier this year, the World Bank predicted that gold prices would weaken in 2024.

However, following the outbreak of the Israeli-Palestinian conflict in October 2023, the World Bank now projects that gold prices will strengthen until next year.

This revised projection was presented in the World Bank's October 2023 edition of the *Commodity Markets Outlook* report.

"Gold holds a unique status among asset classes, as its price often rises with increased geopolitical concerns. This is evident in the price of gold, which has already increased by more than 8% since the beginning of the (Israeli-Palestinian) conflict," stated the World Bank in its report.

"If a wider conflict occurs in the Middle East, gold prices are likely to increase further from their already high levels, as investors shift to safe haven assets," it continued.

The World Bank estimates the average gold price in 2023 to reach US$1,800/troy ounce. Then, in 2024, it is forecast to rise to an average of US$1,900/troy ounce.

"Gold prices are expected to increase in 2024 but will decline in 2025, as fears of inflation and recession subside," said the World Bank.

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."