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Gold Prices Will Plunge Further In 2021 – World Bank

John Wanguba by John Wanguba
May 4, 2021
in FX Industry
Reading Time: 3min read
Gold Prices Will Plunge Further In 2021 – World Bank
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The World Bank has projected that gold prices will continue plummeting in 2021 and 2022 as demand in the major markets remains limited. The Bank’s April commodity report notes that gold will be trading at an average of $1,700 for the rest of this year. In 2022, the analysts expect that the precious yellow metal will continue trading at an average of $1,600 per ounce.

For now, the yellow metal is trying to break above the $1,800 barrier. Interestingly, the current gold price went against the expectations of analysts trading lower than the general commodity market.

Nonetheless, the World Bank points out that a majority of the commodity prices are above the pre-pandemic levels. The institution added that when compared to other precious metals, gold will lose 4% in 2021, majorly because of weakened investment demands that result from the improving economy and the rising bond yields.

The World Bank puts the whole metals ecosystem price to gain 30% in 2021, with an anticipated correction expected to happen in 2022. The analysts explained:

“Higher real yields make gold less attractive to investors. Gold-backed exchange-traded funds holdings have also fallen sharply in recent months, and central banks have reduced gold purchases. Physical demand is recovering from a substantial decline in 2020 but remains well below pre-pandemic levels.”

Silver To Continue Rising In 2021

The prices of silver are expected to gain 22% in 2021, powered by the growing industrial demand. Silver prices are expected to trade at $25 per ounce this year on average. In 2022, it is expected to plunge to $22 per ounce. Elsewhere, the World Bank notes that platinum has huge potential after the metal’s price rallied 24% in Q1 2021.

This World Bank analysis comes after the price of physical gold dropped significantly in India, one of the key markets for precious metals. With the country plagued by COVID-19 resurgence that resulted in strict lock down measures that made many stores remain closed, demand for gold has dropped significantly. Thus, more dealers are selling their gold at a discount of nearly $2 per ounce.

Is there room for gold to rise again, or will the improving global economy push it down into a persistent correction phase?

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Tags: Goldgold marketgold pricesGold(XAUUSD)Precious MetalsSilverspot goldspot pricesWorld Bank

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