The price of gold is likely to rise to Rs.60000 amid bullish current

- Boolean Bits - Dinesh Parekh

- Significant decline in official imports, but increase in smuggling: Global gold prices forecast higher in 2023

Gold prices fluctuated between $1,935 and $1,894 an ounce as the dollar fell in the global market along with signs of a slow rate hike by the Fed. The news that the fear of Covid in China will spread to other countries of the world will once again create a new economic crisis in every country of the world. As a result, gold prices rise. In the year 2022, gold closed at the price of 1825 dollars per ounce, but in the new year 2023, there is a big difference in the prices of gold price forecasting organizations and analysts.

Many factors play a role in gold price fluctuations and those factors have a major impact on short-term gold prices and long-term prices, but in fact, everyone suggests investing 20 percent of their portfolio in gold.

Forecasting the price of gold is a storm that requires multiple reversals and is prone to expert error. Let's observe what analysts and gold companies say in the year 2023 in their predictions of gold prices in the next five years.

(1) Saxo Bank of Denmark analyst Ole Hanson says that gold will show a level of 3000 dollars in the year 2023.

(2) At that time, the author of Rich Retire Lapt, Jacques Schickt, says that gold will show a level of 3000 dollars per ounce before the end of this year.

(3) David Morgan, in the Morgan Report, states that gold will hit between $2,200 and $2,400 an ounce.

(4) Jorge Sia of Annandale Capital sees gold rising 20 percent to $2,190 an ounce.

(5) Juarg Kiener of Swiss Asia Capital says that gold will show a price of 2500 to 4000 dollars per ounce.

(6) David Brady of Sprott Money says that gold will reach $2,100 an ounce.

(7) Ronald Farrell of Increments AG predicts that gold will hit between $2,425 and $4,821 an ounce by 2030.

(8) Harrias Precious Metals reports that gold will sustain a maximum of $1,920 per ounce.

(9) Frank Holmes of US Global Investor states that gold will show prices of $4,000 per ounce in the next 3 years and finally George Milling Stanley of State Street Global states that if the dollar remains soft, gold will quote prices above $2,000 per ounce.

Thus, there is a big difference in the gold forecast according to everyone's opinion, but everyone shows that the forecast is bullish. At that time, one ounce of gold coins in Zimbabwe is sold at a price higher than 2000 dollars per ounce and after the release of these gold coins in the year of July 2022, the Central Bank has accepted the currency of around 1000 coins that people trade in gold coins to strengthen their currency against the dollar. Advised to encourage. Interest rates in the world will increase, but the percentage will be known only in the future. China has bought a lot of gold this year but the figures are not yet available. The Swiss have also shipped gold to China via Hong Kong.

Since the gold import requirement in India is high and the price fluctuates, there is no gold import and the gold import may increase as soon as the new prices open. Fluctuations of 70-70 cents per ounce in the global silver prices are encouraging to investors, but low prices are buying and silver is holding on to the bullish trend in the long term. Stocks of silver in New York and London vaults are decreasing or demand for spot silver is increasing. In it, Morgan is trying to push up the price of silver by keeping the maximum amount in the vault and registering a change in the buyer-sender at the time of silver delivery. As a result, silver will rise in the long run.

In China, silver production has been disrupted due to the fear of Covid. However, China is not depleting its silver reserves by stockpiling silver. JP Morgan has been taking in and out of vaults in New York and London, but there are new reports that it will play an important role in silver transactions and control the price of silver by holding silver stocks in other countries' vaults as well.