Gold prices to see 8% rise in ’24 – World Bank

Gold prices are expected to hold steady near their recent record highs for the remainder of 2024, resulting in an eight per cent increase in the annual average price, according to the World Bank’s Commodity Markets Outlook.

The report cites ongoing geopolitical tensions as a key factor driving the expected strong demand for gold in 2024.

Additionally, the World Bank highlights the reserve management strategies of emerging market and developing economies (EMDE) central banks as another source of strong demand for the precious metal.

While the World Bank expects prices to dip slightly in 2025, gold is still projected to remain well above historical averages.

The report predicts that the average price in 2025 will still be 62 per cent higher compared to the five-year period between 2015 and 2019.