Gold will rise towards Rs 62K per 10 gm in 2023, says ICICIdirect

Wealthtech platform ICICIdirect has predicted that in 2023 gold will rise towards Rs 62,000 per 10 gms touching all-time high and silver to rebound towards Rs 80,000 per kg.

Other metals like copper will rally towards Rs 850/ kg and aluminium to remain elevated towards ? 260/ kg. Zinc will test at Rs 350 per kg. And crude prices will remain relatively stable in 2023.

“Due to the IMF’s revised global GDP prediction, reducing inflation, the halt in interest rate hikes, the weakening dollar, and China’s reopening, the global commodities market is anticipated to exhibit a mixed trend in 2023 and the global economy is currently experiencing a slowdown. This is likely to have a mixed effect on the commodities market,” ICICIdirect report on commodity said.

ICICIdirect launched commodity trading in 2020 and within a short span, it accounts for 5.47% retail market share. Commodity traders and investors are provided with regular research-backed recommendation.

As per ICICIdirect, despite the Russia-Ukraine war, the crude oil market has suffered greatly in 2022 since production and demand were nearly balanced. With China reopening in 2023 and OPEC cutting back on oil production, global oil consumption is projected to rise once more. As COVID-19 limits are loosened, mobility will likely grow, which would in turn boos China’s imports of crude oil. On this background, the price of

crude oil futures is projected to increase toward Rs 7,850 per barrel.

In 2022, base metal prices experienced a roller-coaster ride due to uneven global economi growth and China’s limited trade participation.

A deficit in the global base metals market is anticipated in 2023 as a result of supply restrictions from significant manufacturers. Due to the weaker dollar, potential growth in Chinese consumption, and declining inventories, the base metals market is anticipated to demonstrate positive momentum in 2023, said ICICIdirect.