World Bank sees stable gold price, 14% drop in silver in 2021

World Bank sees stable gold price, 14% drop in silver in 2021

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) – The World Bank is not expecting to see major gold price moves in 2021 as the market has seen extraordinary gains this year, according to its latest commodity report.

Gold prices are stuck in a consolidation patter with prices hovering around $1,900 an ounce as the World Bank noted that prices rose 12% in the third quarter, its eighth consecutive quarter of gains.

"Prices are expected to average 27.5% higher in 2020 and remain broadly stable in 2021 as the global economy recovers," the World Bank analysts said in their October commodity report.

The analysts noted that the precious metals market is being driven entirely by investment demand, which has risen to historic levels so far this year. […]

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