Outlook for precious metals remains bright, but uncertainty looms

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Precious metal prices trended higher during the second quarter of 2021 but retraced markedly in mid-June following the US Federal Reserve’s stance toward a faster tightening of monetary policy. More broadly, strengthening demand and ongoing inflation concerns boosted gold prices while silver and platinum prices were further supported by the ongoing recovery in industrial activity and some supply disruptions. Precious metal prices are anticipated to stay high in 2021 before retreating in 2022.

Precious metal prices

Precious Metals Prices

Gold prices surpassed US$1,900 per ounce in early June—the highest since January 2021—driven by jewelry demand in China, investment inflows, and lower real interest rates.  Chinese holiday- and wedding-related jewelry purchases provided support for gold prices, but this was offset by muted Indian demand due to surging COVID-19 infections. Gold-backed exchange-traded funds (ETFs) registered inflows in May, after three consecutive months of outflows. U.S. real interest rates also fell in May as monetary policy remained accommodative and inflation expectations increased. Accommodative monetary policy keeps the opportunity cost of holding gold low, while high inflation expectations increase the appeal of gold as an inflation hedge. Gold price weakened in mid-June, after the US Federal Reserve signaled that it would raise interest rates and end its bond purchases sooner than expected.

Gold prices and interest rates

gold prices and interest rates

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Walking the Talk: Reimagining Primary Health Care After COVID-19

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Strong primary health care saves lives and money and makes health systems more resilient and work better for all people. The current COVID-19 crisis exacerbated pre-existing weaknesses and inflicted devastating health and economic costs. However, it also created a once-in-a-generation chance for transformational health-system change.

June 29th, 2021 – 12:30PM ET

LINK

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COVID-19 casts different shadows over the lives of men and women

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In the spring and summer of 2020, large parts of the world were hunkering down as governments locked covid19_blogleaderdown societies and economies. Millions of families were confined to their homes. Across the globe, people were losing their lives and livelihoods to the COVID-19 pandemic. At the time, we only had a hunch about how the pandemic would play out differently for different people. We asked ourselves: How is COVID-19 going to affect gender equality across the world? Would the pandemic take a distinctly different toll on men and women? 

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World Bank and African Union Team Up to Support Rapid Vaccination for Up to 400 million People in Africa

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PRESS RELEASE JUNE 21, 2021

Working with countries and partners across Africa to quickly expand equitable access to vaccines

WASHINGTON, June 21, 2021— The African Finance Ministers and the World Bank Group met today to fast track vaccine acquisition on the continent and avoid a third wave. In a boost to the African Union’s target to vaccinate 60% of the continent’s population by 2022, the World Bank and the AU announced that they are partnering to support the Africa Vaccine Acquisition Task Team (AVATT) initiative with resources to allow countries to purchase and deploy vaccines for up to 400 million people across Africa. This extraordinary regional effort complements COVAX and comes at a time of rising COVID-19 cases in the region. World Bank financing is available to support the purchase and deployment of doses secured by AVATT.

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What You Need to Know About the World Bank Group’s 2nd Climate Change Action Plan

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To understand how the Climate Change Action Plan will drive climate action in countries, weClimate-Explainer-Series-banner sat down with Bernice van Bronkhorst, the Bank’s Global Director for Climate Change; Genevieve Connors, Practice Manager, Climate Change Advisory and Operations; Vivek Pathak, Director and Global Head of Climate Business at IFC; and Merli Baroudi, Director of Economics and Sustainability at MIGA.

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As hunger rises, the World Bank supports vulnerable people now and in the future

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Growing hunger and food insecurity are making headlines around the world.

Hunger has been rising since 2014, due to conflict, economic shocks, and weather extremes. According to the FAO, 688 million people were hungry in 2019, compared to 624 million in 2014.

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June 11, 2021: My productive discussions abroad in Helsinki, Moscow, and London; our Global Economic Prospects Report; and action on vaccines

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I would like to quickly summarize some of my recent activities, and preview a few events yet todm0611_blog come.

My first trip since the start of the pandemic was both productive and informative in equal measure. Ahead of the in-person G7 Finance Meetings in London, I first stopped in Helsinki and Moscow for a series of good meetings.

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The Win-Win of Forest Protection: Enhancing Lives While Slowing Climate Change

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STORY HIGHLIGHTSID_03_19_-Fauzan_Ijazah_072

  • The World Bank’s $3.7 billion portfolio of 102 forest projects supports systemic, transformative engagement in more than 50 countries including Ghana, Indonesia, Lao People’s Democratic Republic, Mexico, Mozambique, Nepal, Vietnam and Zambia.
  • From 2016-2020 during the implementation of the World Bank Group’s Forest Action Plan, nearly 6 million people benefited from World Bank forest and land management projects, including 1.1 million women and 225,000 Indigenous People.
  • For example, in Indonesia, a Bank program in the Jambi province is reducing emissions from unsustainable land use while promoting alternative livelihoods such as sustainable fisheries, livestock and service industries that help take pressure off the province’s primary forests and peatlands.

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On World Oceans Day, make a pledge to nurture nature so nature can nourish us

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For centuries, humans have indulged their vast curiosity by exploring and asking questions. We focused our attention predominantly on the land as it is our home, and let our imaginations fly into the starlit sky. We have mapped and explored more of the moon’s surface – and that of Mars – than what lies beneath the waves, even though 70 percent of our planet is covered by our ocean. 

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