Gold to glitter in 2023, may touch Rs 62,000 per 10 grams, Silver Rs 80,000 per kg

ICICIdirect has predicted that Gold would possibly emerge as a safe haven asset in 2023. The brokerage house in its report on the commodity outlook for 2023 said that the yellow metal would touch all-time high in 2023, rising towards Rs 62,000 per 10 grams.Silver, it said, will rebound towards Rs 80,000 per kg and lure purchases from the industrial sector.

It said that due to the International Monetary Fund's (IMF) 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,” the report said.

While Copper will rally towards Rs 850 per kg, Aluminium prices are likely to remain elevated towards Rs 260 per kg. Zinc, the report said, would test at Rs 350 per kg and Crude prices will remain relatively stable in 2023.

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 boost China's imports of crude oil. On this background, the price of MCX crude oil futures is projected to increase toward Rs 7850 per barrel.

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In 2022, base metal prices experienced a roller-coaster ride due to uneven global economic 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.

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