Economists at Citibank expect gold prices to soften mildly from March's all-time highs. They forecast XAUUSD at $1,910 this year.

Macro and micro factors tilt positive for the yellow metal this year

“We see gold prices moderating from fresh all-time highs hit in March but holding a high(er) range for the balance of 2022 as financial markets grapple with surging headline inflation, geopolitical uncertainty, and recession tail risks.”

“2022E forecast is $1,910/oz, and 2023E forecast is $1,725/oz.” 

“Much hinges on whether the Fed can dampen inflation without significant growth pains. On balance, macro and micro factors tilt positive for the yellow metal this year.”