Mangaluru: Thousands throng Rahmania Dargah crossing bridge of boats

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 15: Karnataka Congress Chief D K Shivakumar on Wednesday urged the Ministers in the state to visit Covid-19 designated hospitals and instil confidence among patients, doctors and medical staff there.

Noting that doctors, nurses and others were doing a great job, Shivakumar said the government has to stand with them and instil confidence in them. Speaking to reporters after visiting Victoria hospital, a major dedicated Covid hospital in the city, he said, "All the Ministers have to go to hospitals and instil confidence in the staff, patients.... they have to remove fear and tell them we will have to live with this (virus), and cannot escape from it."

Shivakumar said he believes that by instilling confidence most part of the diseases can be cured. He lauded doctors, paramedical and other staff working at the Hospital for the sake of patients, putting their own life at risk and appreciated facilities provided there.

During the visit, the state Congress President interacted with patients undergoing treatment for Covid-19, also medical staff and doctors. He said at Victoria hospital patients were allowed to use mobile phones, so that they can speak to family members, which has to an extent instilled confidence among them, and the same has to be replicated across the state.

Not wishing to comment on complaints about the quality of facility and PPE kits provided at the hospital, also alleged misappropriation on part of the government in the purchase of equipment for Covid treatment, Shivakumar said, "....let's see that at Vidhana Soudha (seat of state's legislature)." He said, "this is not the time to talk about corruption and other things, this is not the time for it....instilling confidence among patients, doctors and paramedical staff is important now."

Newsroom, Jan 26: An Indian Muslim youth who had applied for a job in Dubai has been left aghast after his prospective employer, who happens to be an Indian, mailed back chiding him for looking for work and suggested that he should make a living (sic) by joining anti-CAA protestors in Shaheen Bagh in New Delhi.

Shaheen Bagh is the epicentre of ongoing mass demonstrations against contentious Citizenship Amendment Act.

Abdulla S.S, a 23-year-old youth from Kerala, who had applied for a mechanical engineer’s position in Dubai said he is still reeling from the shock of the email he got from UAE-based Indian expat Jayant Gokhale in response to his job application last week.

Hostile response 

“Just a thought. Why u need a job? Go to Delhi and sit in Shaheen Bagh for protest. Every day you will get Rs 1000. Free food i.e Biryani, Unlimited amount of Tea and Milk, some time sweets also,” Gokhale said in the email which has since gone viral.

Scores have shared the email on social media seeking action against Gokhale who runs a consultancy in Dubai. Many said the email is offensive on two counts. First, it ridicules and discriminates a job seeker on the basis of his religious identity and, second, it undermines the credibility of Shaheen Bagh protestors by suggesting that they are being paid to sit in.

Abdullah said he’s sad and appalled. “I shared Mr Gokhale’s email with some friends. Who would have thought it would go viral. I don’t want any controversy. All I want is a job,” he was quoted as saying.

Gokhale apologises

“I am suffering from ill-health and undergoing dialysis. My email is being blown out of proportion. I didn’t mean what I wrote,” Gokhale was quoted as saying by a Gulf based newspaper. 

“My message to candidate was not intended to hurt anyone in any manner or discriminate. I have already sent apology message to the concerned person [Abdullah],” he said in the email reproduced here ad verbum. “I very much value UAE’s outlook, policies and culture. I do not in anyway like to go against values of UAE. In fact I am very thankful to UAE for looking after my health,” he added.