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."
The book written by one of the founders of the Rashtriya Swayamsevak Sangh in 1946 is now being re-issued by a Mumbai-based right-wing trust.
Comments
I'm a Christian Anglo-Saxon, and I find the idea of this book to be wonderful. For me, it is beautiful to envision Jesus kneeling down to worship Lord Shiva. It is not disrespectful to Jesus at all to believe this - it shows that he was a reverent and faithful believer. As a Christian, I can understand why the people who wrote the Bible might have wanted to cover up certain aspects of Jesus's life. I love the idea of Jesus and his followers uniting with the Indian people in a shared religious heritage.
its not fully acceptable but some of them are true in that book
To increase bjp vote banks they are trying to include Christians under their belt. Like they says jains, , buddist and sikhs are the part of Hindu religion. Which is totally wrong. No jains , budhist, Sikhs, worships Hindu gods.
Writer used to write stories for ram gopal verma. After the flop of RGV sholay remake version of Aag, writer lost his job and published books on jesus to earn money for his livelihood.
thank god he dint say bible was written by waalmiki.
If Savarkar's brother's thinking was so skewed, just imagine how skewed was Savarkar's thinking??? Bade mian tho bade mian, chotay mian subhanallah!!
Dear BABARAO
Kindly give your Script to Sanjay Lila Bansali (SLB).so that he can Make a Comedy Film base on your Script.We will recommend SLB to introduce Subramania Swami as the HERO of this Movie.
Stop playing with the feeling of Christian And Muslim Who respect Jesus Christ.It wont suite for your (RSS) Stupid Idiology.I thought some one will be there among you will certain amount of So called Common sense But where ???? All Same.
GROW UP DUDE
Yes, this is correct. Everyone in the world are Hindus as Hinduis is the only true religion. All the countries around the world were ruled by Hindu kings. white house was vishnu temple, israel knesste was Ram Mandir, Vatican was sita mandir, Bejing was capital of Shiva, tokyo was rest room of Lakshmi, Australia was ruled over by vishnu, Africa was governed by Krishna. Veer Sarkar fore father was ambassador of all the gods and he was travelling in the air without plane.
Really it was good joke... cant stop laughing...he should be awarded with Nobel Prize.... God Bless him ...
Bullet train 2000 KMH
Please don't release that book and cause one more imbalance in the community.Tired of seeing killing people in the name of 'GOD' - GOD is just a Invisible Power, nothing else other than this ,we have given him different forms and name and to relieve our mind from stress and to share thoughts n desire we created a god.Once you purge something from mind you will feel relieved.
#NoWarKnowPeace
we are in the Lent season only i can say is
\Father, forgive them, for they do not know what they are doing\""
all the jokes in book is good and the best one is Jesus was Tamilian and his complexion was dark.....OHH brothers jesus was very fair and lovely prophet of islam.
why all chaddi leaders at last becomes mad ?
ha......ha....
Tomorrow he will say Washington was a hindu land and White house was Shiva temple.....and Obama was a Tamil Brahmin....
Please book a seat for him in Kankanady..........ha...ha...
Whatever, ultimately he proved that Brahmins were Non veg eaters, especially beef & pork. And even they can consume alcohol.
Now Subramanya swamy may link his family tree to Jesus christ.
BED TIME STORIES......
loughing of the day from RSS yeak yeak yeak
The RSS creatures spreading their wings to the community of Christians and provoking them. These unknown writers RSS have free time for frictions and fabricate. Earlier they were targeting Tajmahal as Tej Mahal, built by RSS king Tej singh. Kutub Minar built by their RSS king Shaktisena so on. And they are spreading romours that the black stone at Haram, Makkah, as Shiva Linga etc.
They have plans to rewrite the history of India for their needs, in many schools run by them are teaching hate history of India, that's the reason they are in collusion with HRD ministry do innovations.
Damm it RSS.
HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA........
Help I can't stop, I think i will go to hospital, My stomach is getting pain.
HAA HAA HAA............................................HAA HAA
This book is the ultimate proof irreparable idiocy/ stupidity of RSS.
Secondly, how the publishers and printers printed it ?
This community will never improve nor succeed, they continue battling until their stupid community remain at large.
We all respect many Hindus, most of them are indeed good.
but this disproportionate venomous creatures spoiling names of good Hindus.
Indeed Hinduism has become a culture, not a religion.
Jusus Peace be upon him was Jewish, he was born in Palestine,
He has no relation whatsoever with man made religion the Hinduism. He was not Tamil, nor Brahmin,
He was miraculously born without father to his mother the Maryam may God be pleased with all of these. He was against wrong belief of plural God. Hinduism has highest number of Gods than its followers. Where as worshipping plural God is totally against true religions of God like Islam and Christianity.
bm3qd
Jesus is one of the mightiest Prophets sent by ALLAH to the face of the earth. If any Muslim does not believe in Jesus pbuh then he is not a MUSLIM.
QURAN explain on all prophetS of God:
Say (O Muslim) \We believe in ALLAH and that which has been sent down to us and that which has been sent down to Abraham, Ismail, Ishaque, Jacob, and to Al-Asbat and that which has been given to Moses and JESUS and that which has been given to the prophets from their LORD. We make no DISTINCTION between any of them and to him we have Submitted (in ISLAM) (Quran - chapter 2 : 136)
The devils which is also a creation of ALLAH will try to claim thru LIES and DECEPTION... But ALLAH says never fear the devils and seek help from HIM. Devils are smart in LIES and Cheddis are following his agenda. which will take them together to HELL which will be eternal...
Those who support such ideology of destruction should learn about ALLAH and his creation the Shaitan from the jinns who has been FOOLING people who are far from the TRUTH>"
RSS PLEASE GIVE US BASE FOR HINDU RELIGION .,...
Hahahaha...many more things to come till Modi in throne, my dear christian brothers don't get exited. All nuts and bolts of sanghis are removed...HAHHAHHAAH
Hellow Christian bhai Wake up and Answer them...........................
how u came to know now. good u came from rss university?
Jesus is not a GOD not Hindu but He is Messenger of Allah
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