Despite closing the week below the all-important 200-Daily Moving Average (DMA) at $1821, gold price recorded weekly gains, courtesy of the dovish Fed decision and escalating coronavirus concerns globally.

The findings of the latest Reuters poll of 38 analysts also back the case for a modesty rally in gold price this year, with the precious metal likely to benefit from rising inflation expectations as well.

However, gold price is likely to tick lower in 2022 amid a sustained global economic recovery and monetary policy normalization by global central banks.

Read: Gold Weekly Forecast: XAU/USD bulls hesitate as focus shift to NFP

Key takeaways

“Gold will average $1,835 an ounce in the third quarter of the year and $1,841 in the fourth quarter.”

“For the full year, prices will average $1,812, the poll found, while in 2022 they will average $1,785.”

“For silver, the poll forecast an average price of $26.50 an ounce this year – a little above its current level of $25.50 – and $25 in 2022.”