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
@boppanna
At least our prophet married and kept her as a wife........dint leave her in forest after doubting the birth of own wife like the character RAma did in Ramayana after bringing sita from ravana Lanka..... a god doubting own wife....come on..
it is CD Team responsibility to track his record, details and handover to authorised people.
he don't have that much dare to sit at KSA and bark. May be jobless and gossiping with ladies. May be sitting somewhere in slum area and kept family away..
CD Team, please we hereby request you to handover this comments of bopanna and track his comments through which website/location he used and handover to authorised people for further action.
thanks u
@Bopanna KSA
By giving that statement. Don't think u will get away from KSA Govt.
Ur each and every statement might be monitoring. So be careful. rest of ur life might be in jail.
@boppanna
If KSA Comes to know and track u. Then u will be in trouble. They might hang u.
So be careful. Before commenting read the history. U will cry in tears.
Can't allow Muslim woman to suffer...... but can allow rapes ...murders ..and attack on Muslim women in communal violence...specially in Gujarat. And other women of India suffering from liquor drunk husband's and murders...... can allow tobacco products killing their husbands from cancer......can you ban this if you have guts...? Nuts will come in mouth
bopanna
don't take any messengers of Allah's name to insult..you may face disaster soon so be careful and think about your family..
If you want to know about reason why PROPHET MUHAMMED SALLAHU ALAIHIWA SALLAM married HAZRAT AYESHA RADIYALLAHU ANHA, study the history, reason etc. if not send me your email details will share the link so that you can go through it to get better treatment. Also study about his all marriages and realise what you uttered..
your LORD KRISHNA, why he married countless women? have you gone through it? their ages and reasons? leave it ..just look back the profile of your forefathers and study which is more than enough for you to understand and get proper right knowledge..
Just read news about Mohammad Aslam who is a follower of religion of peace .....
Showing his \mardaangi\""
# 25 Bopanna
Bopaana 100% sure you are not born Halal, any way you are the resident of Hell, Like Abu Jahal, Wait for your miss deed speaking ill about Our Holy Prophet Saws, Now Allah will Decree his punishment !
Sooner or Later !
You jokers are complaining about Modi ? Let's start talking about your \Prophet\" - what age was he when he married Aisha ?
He was 53 and Aisha was 6 ! What do you call that behavior ?
Do Kaudi ka Dimaag naheen hai aur sikhane chale aye ..."
Wish he would have realised when he released Babu Bajrangi from jail (who slit wombs of women and killed women & Feotus)
U ruined ur wife's life and career by not giving talaq in young days. And never stayed with her.
Feels sorry for ur wife.
PM Modi is concerned about muslim women..he is not concerned about his own wife...He killed more than 3000 muslims. He is simply implementing RSS agenda...we are now in end times. there will be a big disaster in the world. nobody might have seen and heard that kind of man made disaster...may allah protect our emaan....Ameen.
Super basavaraj ...entha comment ...superb kanree....yelli rikacha and faizal bhai message illa ...mostly burqa hudukta irbeku Mangalore rally nalli participate madlikke .. Yesterday a Hindu gal was brutally raped for more than 20 days in shimoga ...all are perfect manual followers. Haha ....in that many were madrasa students who perfected Quran and ejected for 50 days ... This shows how this third rated jihadis treat women ....yelree faizhal Bhai banreee Johnny walker haakistini banree. ...
What a drama PM! You could have got job in movies! ANSWER US ABOUT KASHMIR! His party along with media is deviating the current heated crisis of kashmir because you dont have a SOLUTION! WE MUSLIM WOMEN ARE VERY SAFE BECAUSE OF THE RIGHTS OUR RELIGION HAS GIVEN US & he needn't show us any pity..if he really want to help us..WE ARE ACTUALLY struggling for RIGHTS TO WEAR HIJAB..ALLOW US!
Modi is the perfect follower of Rama. He threw his wife into fire, she came unhurt, he drove her to the forest, she bore two children, he tried to kill her children, he lost the fight, finally he forced his wife to commit suicide. Modi driven his wife out as she was not beautiful, he neither divorced nor accepted her as his wife - a Trishanku Naraka (hell life in this world) a gift for his wife. what we can expect from a person who cant be a MAN to his wife. Old man's crocodile tears and monkey joke! Laugh loudly!!
Narendra Modi,
Yes Muslim's are well aware of Jews n their policy. And their interaction behind Muslims. Even Jews know very well they cannot come over Islam . You rss just now started hold Jews tail n starred to call jew community as your father. Remember you even don't know how they will remove u all from the universe. So it is better to follow Jews training n not to play with Islam religion.
Jai Hind!
Narendra Mode,
Yes Muslim's are well aware of Jews n their policy. And their intration behind Muslims. Even Jews know very well they cannot come over Islam . You rss just now started hold Jews tail n starred to call jew community as your father. Remembe you even don't know how they will remove u all from the universe. So it is better to follow Jews training n not to play with Islam religion.
Jai Hind!
Dis guy has no ability of looking after his own wife and protecting her. Now duniya badalne chala g...du
Any comments on ua own Wife???
Dear Modiji
When you was the CM of Gujarath how many lives of muslim women you have destroyed in the riots
Dear Modi Ji.
Kindly take a decision about your own one and only Wife Jashoda ben. Please humble request.
When our honorable PM was the CM of Gujarat hundreds of mothers,sisters and teenage girls raped and tortured publicly. That time he did't show any respect and justice to the victim of Muslim women's and culprits are not punished. Now he is acting crocodile tears in the name of protection and justice to Muslim Women. He is fooling the Muslim community.
@ #9 Basavaraja is very Familiar with CAT WALK.
Yesterday there was a rally in UP ...nearly 75% participants were women ...but it was not the case. . Madrasa students and mullahs took their wives burkha and participated in rally ..by looking at their cat walk we could make out
Really interesting. Jashodhaben's life also is ruined by triple RTI talaq.
Sirji, pehle hamara problem solve karo. Baadme beary yonka peeche jao. Come on yaar...Mardangi dikhao...
Where were u mr modi when Muslim pregnant women's were being killed during anti Muslim genocide in gujarath 2002 by ur bjp and bajrang dal activists?
What about joshadabein. Both are One And the same.
Now ur worried. Where were u when Muslim girls where murdered during Gujarati riots.
First look at your wife.
you ruined your wife.
Real Muslims never ruin their women.
first u think about your wife, other women will be fine.
Thanks coastaldigest for remembering his life's love story.
first think about your wife she wasted her precious time of her life. then think about other women's.
Modi loves selfie......he has his wife in Gujrath....he even did not give single talak her....ignoring her.....
Muslims wont agree about his formula....he has to listen to all ulemas.....they will give him a best suggestion.....
Modi is ignorant about Islamic way of life.....
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