Gold prices are expected to touch Rs 60,000/10 grams 22-carat shortly with the rates touching Rs 58,550 a top official of the Jewellers and Diamond Merchants Association said.
Buyers are continuing to buy now as gold will reach further and the inflation continues upwards, coupled with the recession, the official said.
“The rate of 24-carat gold is expected to touch Rs 65,000/10 grams in a couple of days. The price was Rs 58,550/24 carat 10 grams including taxes.
Gold might finally get the recession it needed to glitter in 2023. Of the 7 US recessions since 1973, gold performed well during five.
World Gold Council research has shown that yellow metal has been a top performer among asset classes during periods of stagflation.
A period of stagflation is a reasonable scenario for 1H23, though regional differences exist. Together, with a looming recession, reasonably higher inflation, a falling dollar, and a highly uncertain geo-political situation, gold is expected to perform well in 2023.
