Uploaded January 2022 | Updated September 2026, 1 day ago

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Gold may face similar dynamics in 2022 to those of last year, as competing forces support and curtail its performance. Near term, the gold price will likely react to real rates in response to the speed at which global central banks tighten monetary policy and their effectiveness in controlling inflation.

Yet, in our view:
- while rate hikes can create headwinds for gold, history shows their effect may be limited
- at the same time, elevated inflation and market pullbacks will likely sustain demand for gold as a hedge
- jewellery and central bank gold demand may provide additional longer-term support

Download the report in full: gold.org/goldhub/research/gold-outlook-2022