New York: The prices for all major commodities will like fall in 2015, the World Bank forecasted in its Commodity Markets Outlook report released on Wednesday.

The bank projected that prices for precious metals, specifically gold, silver and platinum, will decline 9 percent in 2015 due primarily to reduced investment demand. The bank said that it expected gold prices to fall 12 percent this year, larger driven by expectations of a tightening U.S. monetary policy.

However, the World Bank noted that physical demand for gold improved during the second quarter with strong demand in India, one of the world’s two leading gold consumers. In China, the world’s other leading gold consumer, demand remained weak as investors chose to place their money into equities amid a surging stock market during the quarter.

Gold demand is considered an important indicator for forecasting diamond jewelry sales, since the metal is typically used in the design of diamond jewelry.