Gold is historically problematic in periods of rising interest rates and had a rather mixed 2021. Strategists at Deutsche Bank expect the yellow metal to continue struggling throughout the next year and forecast XAU/USD at $1,750 by end-2022.

Gold still not responding to continuing inflation fears

“It was notable how higher inflation did not translate into higher gold prices, with gold perhaps no longer the obvious safe-haven for some investors.”

“Despite still high inflation, gold seems unlikely to have a good 2022: we forecast a price of $1,750/oz at end-December 2022.”

See – Gold Price Forecast: XAU/USD at risk of tanking to $1,561 on a breach of $1,691/77 – Credit Suisse