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."
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I blame students and parent as well why they took admission in such a co education school which principally is against the religion .....
I blame the student who gOt admission in such a school where there is co education even that is also against islam...
Atleast, can this PROFESSOR help me in identifying these super models in the architecture of Belur Temples?
In Mahavir Charitra , Rama's wife Sita Also observed Hijab. #RespectSita
Some people dont know what is beauty of islam ,
what islam means please try to go thru that for u r knwolege
isis talaiban is not islam dont be mis understand that for islam and isi no matchable that against the islam
This lecturer doest know the principles of democracy everyone has right to practice there religion, before inducting such type of lecturers in college, management has to arrange induction programme with proper teachings of moral values and civil rights of society, with only proper action we can root out such type of communally hatred people.
BIBLE SAYS:
1 Corinthians 11:5-6 : But every wife who prays or prophesies with her HEAD UNcovered DISHONORS her head, Since it is the same as if her head were shaven. For if a wife will not cover her head, then she should cut her hair short. But since it is DISGRACEFUL for a wife to cut off her hair or shave her head, let her cover her HEAD.
VEDA says :
Rig VEDA Book no 8 Hymn no 33 V.no. 19 : When Brahma has made YOU a WOMAN, You should lower gaze and should not look up. You should put your feet together and you should not reveal what the garment and the veil conceals.
QURAN Chapter 33 V 9 : O Prophet! say to your wives and your daughters and the women of the faithful to draw their outer garments close around themselves, that is BETTER that they will be recognized and not annoyed. And ALLAH is ever forgiving , Gentle.
Many people follow the MEDIA which mostly controlled by those who doenst believe in the GOD and
IGNORE what is taught in the RELIGIOUS book which is enlightened by the messengers of GOD for MANKIND...
U decide U want go with the believers in God or not? I congrats MUSLIM who stick to the RULES of GOD....By ignorance many attack them for following God's rule without true knowledge of GOD.
such issues should be tried to clear internally as a first preference, if same repeat again peaceful protest should be done.
Jai campus front
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