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."
Comments
How do u all know them ?
Haleema you sold heaven and you purchased hell...
Islam teaches us 'A slave Muslim men is better for a Muslim girl than a rich kaafir . Same way a slave Muslim women is better for a Muslim men than a rich kaafira women'
There is no compulsion in religion of islam. We are free to follow any system but final decision with Allah, He will decide who followed his way or who are the loser. May Allah guide us to right path. Ameen
SEE HER FACE, CAN UNDERSTAND THE SITUATION,VIREN YOU ARE RIGHT BUT A SENTENCE IS WRONG SHE WENT FROM BRIGHTNESS TO DARKNESS.
I agree with Fathima's view. It was unfortunate that the girl in the name of love forgot the beauty of Islam.
There are many instances in Mangalore where Muslim girl married a Hindu boy and after a year boy converted to Islam. No wonder if this culminates the same way. Moreover u will find hundreds of famous personalities embracing Islam such as Tony Blair's sister Lauren booth, BBC journalist Yvonne Ridley and so on but u will not find vise versa. Keep hope and prayers and ignore barking kotians.
Let us pray for kotiyan brightness family !!....May Allah protect your family & children in future .... There is chance to convert !
Every Say Ameeen!
Kotiyan Nikk P---Tiye Yaa\\"\"\"\"\"n"
mr kotian do u know how many hindu married muslims converted to islam and workind in uae you study well about islam and later on u will also change
mr kotian do you know how many hindu men who married to muslim converted to islam and working here in dubai, first study about islam and later on u wil change your mind
mr kotian do you know how many hindu men married muslim converted to muslim again and working here in dubai study first about islam then you will also come to islam There is no caste system in islam like brahman harijan etc
No need to judge anybody. Only Allah knows whats the future and how their end will be. It may be good and wonderful than we expect. Better than our life may be, nobody knows. So keep hope . If possible pray for them and dont judge.
Viren @ its opposite its to dark from brightness and secondly its her parent to blame , they didnt teach her what is islam .
Viren chadi by name only we cant judge chadi,its should come through Heart.
Just wait for 3 to 4 month, he will leave her .
i like it ... i like it ... Jai sri ram ... as Viren bhai said ,.. inshallah it will happen soon .. too much of compression and male domination in islam... they treat women as property not as human being ... i heard that shivraj rejected haleema's fathers offer of crore rupees inexchange of his daughtor ... it means guy has not married this gal for money sake .. true love ... they must be protected as they might get attacked from Islamic thugs from coastal ...hahaha... this is just the begining ... there are lakhs of muslim women who want to escape from this sikka patte piece ful religion ...
We as an Indian should be united but look what always we see partitioned. no wonder how easily British invaded India.
I know some of them are happy seeing this news. And i admit it is because of your ignorance you are happy. Almighty has his own concept of human life n death. There are 4 categorised people.
1. Ones who r born muslim and dies as a muslim
2. Ones who r born muslim and dies as a non muslim.
3.Ones born as anon muslim and dies as a non muslim.
4.Ones born as a non muslim and dies as a muslim.
Last category people are the most successful people in this world and hereafter no doubt about it. 2nd category people are the ones destroying their own destiny and lands in great trouble hereafter. No one neither their life-partner nor their parents can save them from torments of hell fire.
May Allah make our death beautiful and grant us to die as a muslim.
May Allah guide her n all of us.
@ viren kotian
quran, islam never force anyone to covert to islam.. in quran Allah says tell the truth to them until they understand the truth
even after that they don't want to accept the islam its up to them.. its our responsibi
Thank you CD for this wonderful news.
And Yes, Viren we all are there with this brave woman. no terrorist can touch her.
Insha Allah more muslim girls will throw away their burkas and accept hinduism in future..
Mr viren ur wrong,,,,, from the brightness to darkness,,,,
Welcome to the light from the darkness Ms haleema. We are with you! hahahah Lol Lol Lol..
Add new comment