With 596 marks Udupi’s Abhijna Rao is II PUC science Karnataka topper; 100% in 5 subject

Bengaluru, Jun 23: Police have nabbed two foreign nationals who were drawing money from ATMs of various banks by using fake ATM cards after collecting details of the card including code while customers used to withdraw money.

Police on Tuesday said that the arrested were identified as Felix Kisiibo (25), Present address Kogilu, Yelahanka, Bengaluru Native address BUGOBERO Village, Khabutoola sub-county, Manafwa District, Uganda and Khairun Abbdulla (32), Present address Kogilu, Yelahanka, Bengaluru Native address House Uzini Zanzibar, Mkele urban, Tanzania.

The duo by inserting Skirmish machine into ATM used to collect details of ATM cardholders, balance and code and then by using fake ATM cards used to withdraw the money without the knowledge of customers.

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."

Dubai: The father of a 16-year old girl who came on a visit visa to the UAE to visit him is desperate for help as she has been hospitalised, even as he has been rendered jobless.

On February 6, Amber D’Couto flew into Dubai from Mangaluru, India, along with her older sister, Alison, 19. The girls wanted to visit their dad Vivian D’Couto who was working in an automobile company at Jebel Ali.

The father was overjoyed to meet his girls until things took an ugly turn.

Two months into her stay, Amber fell seriously ill, even as D’Couto was served a termination letter by his company.

D’Couto said his daughter, a Grade 10 student, was perfectly healthly but suddenly developed high fever and began vomiting. She was rushed to a private hospital in Qusais which could not accommodate her because of the ongoing COVID-19 situation.

On April 30, she was admitted to another private hospital in the same area. After testing negative for COVID-19 thrice, she was diagnosed with acute pancreatis and Rheumatoid fever.

While the girl remains in hospital, the bill has spiralled to over Dh50,000, D’Couto said, adding that without a job now, he had no means to pay the huge amount.

“Amber is a very sweet child and a very bright student. She was living a very healthy life prior to coming to Dubai. But she is so ill now and under round-the-clock vigil in the ICU. The treatment for her condition is very specific and costly.”

A worried man, he said: “My daughter was on a visit visa and she had no insurance. We appeal to compassionate people to help us out in this difficult hour. Due to the current situation, I have lost my job and I am unable to pay for her medical expenses. Her condition has not stabilised yet and I am taking each day as it comes. I trust the doctors to help her recover, and we hope to be repatriated to India at the earliest so she can get further medical care.”