Gold prices in 2024 will be 21 percent higher than the average level of 2023, the latest World Bank report «Commodity Markets Prospects» says.
This growth is associated with the sustained interest of investors in safe-haven assets amid economic and geopolitical instability. According to forecasts, gold prices will remain high for at least another two years, exceeding pre-COVID levels by about 80 percent.
World Bank Deputy Chief Economist Ayhan Kose noted that the global economy is now much more stable, which opens up opportunities for adjusting monetary policy in developing countries.
A decrease in prices for a number of commodities could support a decline in inflation, and authorities may reconsider subsidies for fossil fuels. While gold prices are rising, prices of industrial metals are expected to stabilize in 2025–2026, unless activity in the Chinese real estate market makes unexpected adjustments.
The World Bank also expects a decline in commodity prices in 2025. In 2025, global commodity prices will fall to their lowest level in five years.
