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New Delhi, Jun 26: With looming uncertainty and no likelihood of an early economic recovery in sight, the bull run in gold prices is here to stay. Analysts expect domestic futures to touch ₹ 52,000 per 10 grams in the next few months, till Diwali.

Experts also predict that with the current trend, gold may reach historic levels around ₹ 65,000 per 10 grams in two years time.

Futures of the yellow metal have touched new highs in India off late. On Wednesday, the August contract of gold futures on the Multi-Commodity Exchange (MCX) touched an all-time high of Rs 48,589 per 10 grams.

It has, however corrected since and is currently trading at ₹ 48,057 on the MCX, higher by ₹ 116 or 0.24 per cent from its previous close.

Market experts are of the view that both domestic and international gold prices are yet not done breaching records and will touch new highs in days to come.

The resurgence in the number of new cases of coronavirus infection across the globe has added to the uncertainty and fears.

Speaking to media persons, Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking, noted: "In short term we are expecting it to reach ₹ 48,800-49,000 and for long term, we are expecting ₹ 51,000-Rs 52,000 till Diwali."

On the prices in the international market, he said that it may reach around $1,790 per ounce in the near term from the current levels of $1,762 and the long term, it is likely to be around $1,820-1,850 per ounce.

Gupta noted that with International Monetary Fund's (IMF) latest downward revision of economic outlook, both global and of India, and the rising number of cases and high demand by gold exchange traded funds (ETF) have led to this record breaking rise in gold prices.

Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, according to the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF's April forecast.

Hareesh V, Head of Commodity Research at Geojit Financial Services, said that gold's safe haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world.

"Increased geopolitical instability and an under-performing dollar also lift the metal's sentiments," he added.

According to Prathamesh Mallya, AVP Research, Non-Agro Commodities & Currencies at Angel Broking, said that with the global output to contract and the economies in a deeper recession than most anticipate, gold as an asset class is a safe bet for investors across the globe.

"Although, the physical demand has declined drastically due to the restrictions and lockdowns, the activity of global central banks and their net purchases of gold signal that uncertainty will continue for most of 2020," he said.

He was also of the view that in the international market price of the metal may move towards $1,850 per ounce and in the domestic market it is likely to move higher towards Rs 50,000 per 10 grams.

"The investment demand as seen in the net additions of ETF holdings also signals that gold will shine for a much longer time even if the pandemic is under control. Till then, keep buying gold, if not in physical form, but in digital form," Mallya added.

Industry insiders like Aditya Pethe, Director, WHP Jewellers said: "I basically feel that the current trend for the gold is bullish and for the coming next 2 years, it is likely to move upwards. No one can predict the exact price as currently the trend is on rise but it might change after 6 months. In general for the coming 6 months to one year, the gold prices are likely to cross $2,000 which comes to roughly Rs 55,000. For a temporary moment it may reduce, basically fluctuate as well but overall trend of gold is going to be bullish."

On his part, Ishu Datwani, Founder, Anmol Jewellers said: "Yes - it's very likely that the gold price could easily go up to Rs 60,000-Rs 65,000 in the next two years. There is also a possibility of it going up even more."

"A lot of banks have been buying gold and there is also a possibility that the Indian rupee will depreciate against the dollar. This and geopolitical reasons will cause bullishness in gold."

Bengaluru, Jul 16: Former Karnataka Chief Minister Siddaramaiah on Thursday hit out at state Health Minister B Sriramulu for stating that "only God can save Karnataka" from COVID-19 and asked him to resign from his post.

Speaking to media here in Bengaluru, Siddaramaiah said, "The government cannot say that we are helpless. Why is the government in power? You have power and you have money. It is your primary duty to serve the citizens of the state."

On being asked about Karnataka Health Minister's statement, the Congress leader said: "Let him resign and go out. God will help you only if you will put all your efforts."

Meanwhile, President of the Karnataka Pradesh Congress Committee DK Shivakumar tweeted "Karnataka's Health Minister saying 'Only God can save Karnataka' reflects poorly on @BSYBJP govt's ability to handle the Covid crisis. Why do we need such a government if they cannot tackle the pandemic?"

Sriramulu had said on Wednesday that either people should inculcate awareness or only God can save them from COVID-19.

"Who can save us at this time? It's either God or people should inculcate awareness in them. Congress leaders are involved in political mudslinging at this time. This is not fine and it will not help them in any way," the Minister had said.

"It is a crucial time, in the interest of the general public. I request all the Congress leaders not to indulge in loose talk regarding the issue, it leads to more panic situation among the general public. We are ready to adhere to any punishment if we did any wrong thing," he had added.

Bengaluru, Apr 21: Alarmed by reports that 53 media persons have contracted coronavirus in Maharashtra, a Minister on Tuesday urged Chief Minister B S Yediyurappa to screen all the journalists in Karnataka.

During the regular Covid-19 related briefing on Monday, a reporter had raised the issue of 53 journalists in the neighbouring state testing positive for the disease, with Minister for Primary and Secondary Education S Suresh Kumar.

In Maharashtra, out of the 171 scribes examined medically, 53 were found to have the viral infection.

In his letter to the CM, Kumar said a similar test should be carried on the journalists in Karnataka.

"The journalists wanted a similar kind of screening to be carried out on them. Therefore, please direct the health and the information department immediately to conduct the screening of journalists who are in contact with public," Kumar said.