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Home Asian Business

Expected to be ₹ 62,000 for gold 10 grams and ₹ 80,000 for silver kg!

by Chandler
January 2, 2023
Reading Time: 4min read
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Mumbai – ICICIDirect, India’s leading wealthtech platform serving more than 8.5 million customers with their investment, insurance and loan needs, today presented its outlook report on commodity prices for the year 2023. ICICIDirect has the following expectations in the year 2023: Gold to touch Rs. 62,000 per 10 grams and Silver Rs. 80,000 per kg in 2023: ICICIdirect

  • Gold prices to move towards ₹ 62,000 per 10 grams, all-time high;
  • Silver prices will rise again towards ₹ 80,000 per kg;
  • Copper prices to move towards ₹ 850 per kg;
  • Aluminum prices will remain high and move towards ₹ 260 per kg;
  • Zinc prices to rise to ₹ 350 per kg; And
  • Crude prices will remain relatively stable in 2023

For reference, taking December 28 closing prices for the above commodities and expressing ICICIDirect’s price assumption as percentage change:

Commodity current price YTD % Change ICICIDirect Target for FY 2022-23 Compared to current prices %change in
Gold (₹/ 10 Gram) 54,730 13.79 62,000 13.28
Silver (₹/Kilograms) 68,870 9.91 80,000 16.16
Copper (₹/Kilograms) 724 -2.36 850 17.40
Aluminum (₹/Kilograms) 208.40 -6.71 260 24.76
Zinc (₹/Kilograms) 272.40 -4.52 350 28.49

The ICICIDirect report said, “The global commodity market is expected to show mixed flows in 2023 due to IMF’s revised global GDP forecast, lower inflation, halt in interest rate hikes, weaker dollar and reopening of Chinese market, and the global economy is currently experiencing contraction.

This is likely to have a mixed effect on the commodities market.” The above-mentioned factors are expected to be beneficial for the gold and silver markets, with gold as a safe-haven asset and silver likely to attract buying from the industrial sector, the report added.

ICICIDirect started commodity trading in the year 2020 and has captured 5.47 percent of the retail market in a short span of time. Commodity traders and investors are regularly provided with researched recommendations.

According to ICICIDirect, the crude oil market has taken a major hit in 2022 despite the Russia-Ukraine war, as production and demand remained roughly in balance. Global oil consumption is expected to rise once again in 2023 with the reopening of the Chinese market and OPEC oil production cuts.

The loosening of Covid-19 restrictions is likely to increase traffic, resulting in an increase in China’s crude oil imports. Against this backdrop, the MCX crude oil futures price is expected to move towards ₹ 7850 per barrel.

The year 2022 has seen major volatility in base metal prices due to uneven global economic growth and China’s limited trade participation. The global base metal market is expected to be in deficit in 2023, which is a result of supply constraints from important producers.

The ICICA director said, the base metal market is expected to see positive momentum in 2023 due to weak dollar, potential growth in Chinese consumption and reduction in inventories.

.Source

Tags: Expectedgoldgramssilver

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