Friday, February 23rd, 2024

Gold Rate: Luck will shine for those who buy gold in 2022, know where gold prices will reach in 2023


Photo: File Gold Rate in 2023

Gold is bought in Indian households because we believe that investment in gold never hurts. Although investing in gold in 2021 and 2022 was not very profitable. But in the year 2023, gold prices can make a record. According to the estimates of experts, in 2023, the price of sane can also touch the record level of Rs 60000. In such a situation, if you have bought gold in 2022, then your good days are just about to come. On the other hand, those people who are planning to buy gold, they should also hurry up because by the time 2023 passes, the prices can be heavy on your pocket.

Gold will reach beyond 60000

More investors are turning to safe-haven assets amid the looming recession in the US and geopolitical clouds like the Russia-Ukraine war. In such a situation, experts believe that in 2023, gold can make a record. At present, gold is around Rs 55,000, while next year it is estimated to reach Rs 60,000 per 10 grams.

Prices to remain stable in 2022

The year 2022 has been a year of great stability for gold. Gold traded in a range this year. In early 2022, the price of gold was around $ 1,800 an ounce. Gold prices in the international market reached a peak of $2,070 an ounce in March after the Ukraine war broke out. At the same time, in November, it fell to a low of $ 1,616 an ounce. Since then the prices have been increasing continuously. Currently, the yellow metal is priced at $1,803 an ounce in international markets and Rs 54,790 per 10 grams on the commodity stock exchange MCX, when the rupee is near the level of 83 against the US dollar.

Geopolitical conditions will give air to prices

Investors always consider the yellow metal as a safe haven in uncertain times. Hence, in the future, several factors such as the geopolitical situation, recessionary concerns, inflationary trends and investors’ shift away from crypto assets are expected to boost gold prices. In 2023, gold is expected to trade in the range of $1,670-2,000 with a positive trend in the international market,” said Ravindra, Vice President and Head of Commodity Research, Kotak Securities. On MCX, gold is trading in the range of Rs 48,500-60,000. Can do.”

US dollar softening will reduce prices

Colin Shah, former chairman of the Gem and Jewelery Export Promotion Council and managing director of Kama Jewellery, said the yellow metal has started giving gains since the Federal Reserve and other major central banks started raising rates in May 2022. He said, stopping the increase in interest rates in the US will soften the USD, due to which gold may become slightly cheaper. We expect gold to trade in the range of USD 1,900-1,975 and Rs 55,000-57,000 in India during calendar year 23.”

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