The war in Ukraine was the catalyst for the precious metal rally in Q1 2022. Gold and Silver reaped the benefits of their status of safe heaven as the geopolitical tensions escalated. Slower growth is predicted in many regions in 2023 including the US and Europe, which are expected to face a recession on multi-decade high inflation and aggressive rate hikes in 2022. This economic landscape would be bullish for precious metals. Gold ETF buying is also expected to pick up along with strong Investment and Jewellery demand and we could see record highs in Gold and Silver in 2023 in rupee terms- “Mr. Ketan Kothari, Director of Augmont Gold For All”.
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