Gold Rate 2023: The future of gold is bright in the new year! The report says – mssewb.org

Gold Rate 2023: The gold rate has been on a downward trend for several months this year. Even, speculations and worries about how much the price of gold can fall further started among the investors. Many people were in doubt whether to buy gold or not, whether it would be right to invest.

But the recent situation means that all those episodes are now in the past. Now waiting for the new year. That wait could be even ‘sweeter’ because of gold’s bright future. Because, says the ICICI Direct report, gold could prove to be a safe haven for investors in 2023. The report further predicts that gold prices could reach all-time highs in the new year. Where the price of 10 grams of gold can be 62000 rupees. As a result, those who bought gold earlier, during turbulent times, can have a big smile on their faces. In the same way, the price of silver is predicted to increase in that report. Silver price may be Rs 80,000 per kg. As a result industry can invest in silver.

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According to the related report, several events are going to happen in 2023 in the field of economy. As the International Monetary Fund has already released revised GDP rates for next year. Inflation is likely to fall as is the rate of interest rate hikes likely to slow. Dollar may weaken. China can open its market again after overcoming the corona infection. And the report predicts that the effect of all this will be on the commodity market. Where gold is considered to be the safest place.

Not only gold, silver, but also the possible price of other metals, the report has predicted. For example copper price will be Rs 850 per kg, aluminum price will be Rs 260 per kg, zinc price will be Rs 350 per kg and crude prices will remain unchanged.

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ICICIdirect reports that the crude oil market has been hit hard by the Russia-Ukraine conflict. However, with China’s economy expected to fully recover in 2023 and OPEC countries to cut production, oil demand is expected to pick up again.

China’s oil demand will pick up again due to relaxation of covid regulations. Because of that, the price of crude oil may be Rs 7850 per barrel, according to the report.