Blog — 24 Jun, 2022
Gold Market Outlook
By Bjorn Goosen
Highlights
The gold price hit a 19-month high of around $2,039 per ounce in early March and has since stabilized at around $1,900/oz.
Global gold mined supply is forecast to increase approximately 4.6% year over year in 2022.
According to S&P Global Market Intelligence's new monthly Commodity Briefing Service: Gold report, sentiment for gold investment has risen over the past two months, on higher inflation and increasing geopolitical risks surrounding Russia’s invasion of Ukraine. The gold price hit a 19-month high of around $2,039/oz in early March and has since stabilized around the $1,900/oz mark. Inflation has reached multidecade highs in most major economies, and central banks are struggling to rein it in to the target range of 2%-3%, with multiple interest-rate hikes expected throughout 2022.
Despite the macroeconomic and inflationary pressures, the global mined supply of gold and physical demand appear to be robust through year-end and out to 2026.
Review our new monthly gold market analysis and price forecast. Download report.
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