The year 2023 is seen to be in favor of the commodities market with pullbacks in the dollar, softening of inflation, and pause in key rates being the major driving factors
ICICI Direct expects gold and silver markets to be the biggest beneficiary
Gold is likely to regain its safe haven assets title from the dollar in 2023
The brokerage expects gold to hit ₹62,000 and silver to touch the ₹80,000 mark.
Other commodities such as zinc, copper, aluminium, and crude oil price are also expected to gain traction in the new year.
ICICI Direct expects gold price to touch ₹62,000 per 10 gram in 2023.
According to the brokerage, gold prices are likely to rise on the back of weakness in the dollar as the US Federal Reserve
Chinese economic growth is expected to improve in 2023 and that would likely boost demand for the yellow metal.
However, concerns about weaker global economic growth and geopolitical tensions will continue to make gold valuable as a hedge against uncertainties.
Also, the brokerage's report stated that jewellery demand is likely to continue the positive trend in 2023.