Telecom fraud: 3 more Mangaluru expats likely to walk free from Saudi jail soon

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, May 17: Amidst mounting demand form Kannadigas across the world for repatriation flights in the wake of covid-19 lockdown, Dr Arathi Krishna, former Deputy Chairman of the NRI Forum of Karnataka government, has written to Hardeep Singh Puri Minister of Civil Aviation to operate more special flights to Gulf repatriate Kannadigas from gulf countries. 

Dr Arathi Krishna’s first request in the letter was to add flights from Kuwait, Bahrain and Jeddah to Bengaluru as many (from Karnataka) are stranded in these cities in precarious situations.

In addition, she also requested for a couple of flights from Dammam and Riyadh to Bengaluru as there are more than 3780 Kannadigas registered to return from Saudi Arabia and members of Bearys Chamber of Commerce and Industry are requesting the same. Any number of flights from Dubai to Bengaluru and Mangaluru will also help the stranded people, the letter stated. 

“Old and sick people, pregnant women and others are in urgent need to connect with the world are looking up to you for getting flights from different comers of the world. Indian communities are hopeful that you will use your position to help them to get the much needed mobility at this time,” the letter stated. 

She also said that the people in Karnataka are grateful to you (Mr Hardeep Singh Puri) for adding two flights from Dubai to Bengaluru in the last two schedules and one flight each from Riyadh, Dammam, Muscat and Doha.

Dr Arathi Krishna is currently serving as the Chairman of the NRI Cell of Karnataka Pradesh Congress Committee and Secretary of Indian Overseas Congress.

Bengaluru, Mar 27: A software engineer has been arrested for giving a "call" to the people to sneeze in the open and spread coronavirus, police said on Friday.
The person identified as Mujeeb Mohammad had made this call in a Facebook post.
"Let's join hands, go out and sneeze with open mouth in public. Spread the virus," he wrote.

"The person who put this post saying people should go out and sneeze and spread the virus has been detained. His name is Mujeeb. He works in a software company," Bengaluru Joint Commissioner of Police Sandeep Patil said in a statement.

40 migrant labourers working in Mumbai caught while trying to flee to UP in truck, booked
Meanwhile, Infosys tweeted: "We are deeply concerned with an inappropriate post being attributed to an Infosys employee. We strongly reaffirm our commitment to responsible social-sharing.

The company also said, "Our preliminary enquiry, and discussions with our employees suggest that this could be a case of a mistaken identity."
"However, given the seriousness with which we take such matters, we are investigating this further and will also assist with any independent investigation. The company would take appropriate action based on its investigation," it added