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On average, gold prices remained elevated in Q1 2022, as rising inflation and geopolitical risks pushed many investors into gold-backed exchange-traded funds (ETFs).

Amid the turmoil, many central banks are looking to increase their gold holdings in the near future. In a survey by the 'World Gold Council' a quarter of the respondents (out of 57) intended to add more gold to their reserves, an increase of 21% from 2021.

Gold prices are expected to increase modestly in 2022, on the back of tighter monetary policy in the EU and the United States, with a possibility of additional rate increase in the future.

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