Gold Price: Big jump in gold prices possible in 2023, likely to touch Rs 60,000 per 10 grams

Gold Price @60,000 Likely: If you have invested in gold or are thinking of doing so, then there is good news for you. In 2023, the price of gold can touch Rs 60,000 per 10 grams. In view of the ongoing upheaval in the stock market and low inflation, investors will invest in gold for hedging their investments, due to which gold prices can create new records.

Gold prices in the international market, after touching a high of $ 2,070 an ounce in March, came down to a low of $ 1,616 an ounce in November 2022, but gold prices are improving from these levels. Many experts are expecting the gold price to touch $2500 per ounce in the international market in 2023. At present, the price of gold in the international markets is $ 1,803 per ounce.

Gold on Multi Commodity Exchange of India Limited (MCX) is Rs 54,790 per 10 grams. The gold price on MCX was Rs 47,850 per 10 grams at the beginning of the year and then reached a peak of Rs 55,680 per 10 grams in March. In September, it came down to a low of Rs 48,950 per 10 grams. In the future, factors such as geopolitical situation, recessionary concerns, inflationary trends and low demand for crypto assets are expected to boost gold prices. In times of global uncertainty, gold has always been seen as a safe investment.

Ravindra V Rao, Vice President and Head of Commodity Research, Kotak Securities said, “Gold is expected to trade in the range of $1,670-2,000 in the next year with a positive trend in the international market.” Gold on MCX can trade in the range of Rs 48,500-60,000. He said that further tightening of the interest rate by the US Federal Reserve could have a profound impact on gold prices in the first quarter of next year.

Market experts believe that due to the Russia-Ukraine conflict, there was a short-term rise in gold prices. He said the Federal Reserve and other central banks raised interest rates during the year to manage inflation, which affected sentiment for gold.

Ashish Pethe, chairman of the All India Gems and Jewelery Domestic Council (GJC), said, there has been a strong comeback in the demand for gold and gold jewelery in the second half of 2022 (July-December). The increase in the price of gold has affected retail stores. If the price of gold stabilizes, then good sales are expected in the coming year.

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