In April 2024, the World Bank’s precious metals price index climbed 9%, with gold reaching a nominal record of $2,331 per troy ounce. This rise is driven by strong demand from emerging markets and developing economies (EMDEs) amidst geopolitical uncertainties, with central banks in China, India, and Turkey leading the charge. While silver and platinum also saw price increases due to industrial demand and supply constraints, sluggish industrial activity in major economies poses a potential downside risk. Overall, gold is expected to maintain its upward trend, supported by robust central bank buying and safe-haven demand.