Gold to Witness Modest Surge Before Receding in 2022

SEATTLE (Scrap Monster): The most recently held Reuters poll among analysts suggests that gold is likely to witness a modest rally during the remainder of 2021 before trending lower in 2022. During the balance of 2021, the yellow metal prices will average slightly above the current level of $1,830 per Oz. The recovery in global economy along with tight monetary policies by world central banks will ease the prices next year.

According to Carsten Menke, analyst at Julius Baer, the recovery in global growth and fading inflation fears could further reduce the safe-haven demand for gold. The chances of weakening dollar and anticipated recovery in gold jewellery demand are likely to support gold prices in the near term. The rising inflation should also trigger investor interest in gold assets.

The median responses of the poll conducted among a total of 38 analysts and traders suggest that gold is likely to average at $1,835 per ounce in Q3 and $1,841 per ounce in Q4 this year.  For the full year 2021, it will average around $1,812 per ounce. The average gold prices for 2022 are pegged at $1,785 per ounce, poll data said. The predicted gold prices are marginally higher than the predicted prices in the survey conducted during the month of April this year.

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