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
They were all about to release soon....what was the necessary to Jail break.....Naren Mukli burnole Gathi
Abdullah who are u to tell me to move my language ? You are the follower of an uneducated
Hey Bopa mind your language.
For your religion the name was given by Muslim Arabs.
There is no name and no history for your religion. all are dirty stories only.
It contains Rape, murder, illegal children, war, father dont know his own kid, God dont know his own kid, God dont know his wife pure or not, wife killing his husband who run and go inside the ass of a bull(hahahaha), Homo sexuality, etc, etc......
They are innocent. Fear the wrath if god
They are our enemies and not innocent. police.
I can see a lot of Muslims comments here are as if they are Pepsi ed by the death of these fools. Did they think about the poor policeman whom they killed before jail breaking ?
If I had the power I would ensure that the bodies of these 8
B***ards are cremated after dipping them in pig fat
Very happy to note this. Well deserved 72 virgins ....
Is Allah stepping up \virgin\" production because more of you want to join ISIS ?"
Abu Mohammad can i also add that a 53 year old old man taped a 6 year old Little girl ?
Also who told you guys that KSA is a Muslim country ?
I am a citizen of the free world and consider all countries to be non-Islamic (I.e. HUMAN )
Superb macha rajesha ...correct agi helidiya guru ....no mercy and no sentiments for those people who say religion first And nation next and back stab our nation and misuse democracy for their advantage ...look at the sympathisers for terrorists. ..no wonder isi has strong base in India ...namak harams are in large no ... Haha ...namak harams yaaru Ntha helale bekilla ....we can easily make out ...when innocent rudresh ( not even a single case against him) was killed ...jihadist third rated guys rejoiced....jai Sri ram ....bholo Bharath mata ki jai ...we will have 2 pegs extra ....kushi na tadiyakke agtha illa. ...
Wow superb .....elree faizhal Bhai ..banree Johnny Walker haaksana ...haha ...encounter made my day ...blood thirsty Islamic millitants who back stabbed India got encountered ...hodeerappa tamte...dankanaka dankanaka ....whether it is fake or genuine we don't give damn for jihadist Muslims death ....zero tolerance for Islamic militants is must . Israel style we need to enact ....perfect execution.....hara hara modi ...jai jai modi ....once bjp govt comes overthrowing khan grace govt ....we will ensure terrorists pays same price ....how can we forget the killings of nationalist Indians by Islamic militants ....bholo Bharath mata ki jai ...jihadigala Bali haakida Veera police rige jai ....Bali padyami dina entha subha samachara ....long live bjp ...long live Israel and India relationship ....I heard 45 rounds were fired ...50rs x45 2250rs ..very good deal ...tax payer money saved ....
Inna lillahi wainna ilahi rajioon... May Allah grant them Jannah if they are really innocents...
No doubt, its pre planned MURDER not encounter...
Saffron police have to answer below questions
1. Is only one police there to guard them? where are the other police?
2. Why only these 8 person escaped from Jail?
3. How they used bed sheet to cross high wall?
4. How is it possible that they were made encounter on same spot all together?
5. If any person throw stones at police then encounter will be solution?
Purely this police have pre planned to make murder of Muslims... We cannot call him as terrorists because till now no court has proved their status to terror activities... Because of saffron police & politicians these innocents were fixed purposefully to make drama.... For above case need probe against the police who made this murder & if he found guilty then he should be hanged without any delay.....
May Allah protect innocent muslims who are arrested in false cases...
Well planned Surgical encounter.....
as per Mr. Parikker' (Defense Minister) previous certificate to RSS will take response ...
Ache din once again....
planned encounter!!!
Unanswered questions:
1. 8 so called \SIMI\" members was in one cell which is against protocol.
2.Before sunset all cell must be close and key should be at jail office, how come they came out of jail?
3.Highly secured jail got only 1 officer to monitor and only 1 officer got attacked? Prisoners can broke jail by attacking one officer??????
4.Once broke the jail, other prisoners were quiet while they were moving around..!
5. Highly secured jail doesn't have CCTV and only 1 officer to monitor?
6.Using spoon as weapon they came out of cell and killed officer..!
7. Why Police kills those 8 members even after they are unarmed? If they had arms who gave them within hour? How they got sports shoe and well cloths? Why don't shot on leg when they are unarmed?
8.If they are dangerous terrorist or criminals, they would have spread different way when free bird.
LKG students also can guess this is well scripted and well planned murder by Police to divert Vyapam and Failure of Govt."
@Rajesh
Even a lay man would say its totally a fake encounter. No need to celebetate. The communal govt has did it on the eve of deepavali. Very simple to understand.
Anything can happen when people who are responsible for murdering thousands i
Scripted encounter.
Sure. Planned Encounter..
Mashallah ... what a shot so 72x8 virgins please book for this guys ...:) hip hip hurray ... kindly enlighten us who allots babes in heaven :) not a loss for nation . so party time as muslim terrorists were killed . kudos to police for saving tax payers money .
#20 Ahmed, Al ain
Dear Ahmed
How much funds you have received from Sangh Parivar to post this comment ? Either you are an agent of RSS or with fake name posted the comment. Before commenting on Wahabi's try to study about Wahabis.
Bopanna.... when you feel Muslims are totally ungrateful wretches. then why are you eating the income of a muslim country and feeding your wife and children with that criminal income .... Why cant you leave saudi and serve the Indian army and feed the PAPI PET ( stomach ) of yourself, wife and children with dignified income by serving the army.....shame on you for the sake of hunger, you are ready to have any shit .....
Innalillhiwainnailahirajoon God will punish those who are guilty
Mandeyalli Bondillada Bopanna - Vishnu raped Tulasi Devi, was he a Muslim? Krishna raped 16,108 girls was he a Muslim? 5 Pandavas repeatedly raped Draupadi at the behest of Krishna - were they Muslims? Brahma raped his own daughter Saraswati - Was he a Muslim? Kunti Devi was raped by SURYA, YAMA, VAYU, INDRA were they Muslims? Madri was raped by ASHWINIS - were they Muslims? Vishnu was raped by Shiva to produce Ayyappa - homosexuals having a child- Hollywood too cant imagine this ...the list is endless....
Well done.. they killed innocent in the early morning. So this is totally acceptable ..NIA please go after PFI leaders and KFD .becoz of these groups fringe groups associated with sangh parivar unleash terror against innocent Muslims. Time has come to take firm action against PFI, KFD and other wahabist backed organisations.
For sure it is a pre planed act from police. What is the need of killing all 8 ? Did they counter attacked police with Guns? If not then what was the need to kill all? There is something behind this story.
There is no doubt, this is a planned murder. May Allah forgive the sin of all the eight brothers and bestow them Jannah In sha Allah.
This is 2016 and all can understand what is reality and what is drama.. Bopu what are you doing in KSA? YOu should join armed forces here instead of having bread and butter from the one who u hate..
No Doubt, fake encounter. Elections coming up in northern states. When surgical strikes drama subsides, we have this new story diverting people's attention from real issues.
CD, should be faster in updating its news . According to other news channels, it is claimed that these eight SIMI members were trying to ATTACK THE ARMED FORCES WITH SPOONS..!! Yes, you read it right with - SPOONS !
There a Rabid Sanghis in the comments section. Do not pay heed or respond.
cold blood murder. total 8+1 .
well planned drama. if properly investigated the truth will come out. truth ??? it is not possible??? in RSS controlled state.???
need supreme court to investigate the truth.
need to investigate by our ex judges like Mr. Santosh Hegde.
Bopanna had some bad experience while he is residing in K.S.A. He said something bad about muslims community because he was the victim of rape. Muslims raped him, killed him and pillaged his property. That was the reason for his frustration.
Only so called SIMI members got chance to escape highly secured Jail..!
Those don't have charges, will die in encounter. Those who are real terror like Aseemananda, Sadhvi gets bail.
Failure of Govt. cover up by scripted sensational news as gift of Diwali.
In Hyderabad also did the same last year prisoners died with hand cuff \ severe fight between Police and alleged terrorist in Police van\".
It happens when Encounter specialists ruling our country."
Bopanna defines Islam is the religion of peace and the way of life and he accepted that there are black sheeps in the community.. Being residing in saudi arabia he learn a lot about Islam. Hope he will practice more and one day he hill embrace it. May Allah give him hidayah.
Why muslims are being encountered.....there are many rss terrorists are in jail....why no encounter....strange....well planned....
Another Fake encounter................why to kill? because they were Muslims.......all these encounters are to Hide VYAPAM Scam.......
Ashwin........8 Muslims Escaped from Jail ......and thousand Fake Hindutwa Terrorists are happy ....
As per Muslims, terrorism has no religion. So why muzzies here are crying for them?
Well planed encounter, bopanna islam is the only way of life and peace,,,, study well, if you do not study you will be like bopal police, black heart and join hands with rss..
To complete the DRAMA 8 + 1 innocents were eliminated while real Terrorists are ruling the country.
this sounds strange to me . this is a plot where they were told to run and shot at them. we muslims are ready to die, any how we have to die today or tomorrow, if they are killed for false charges then they are martyrs.
and to Bopanna you are living in a muslim country did any muslim arabs kill any one for the sake of hindu religion. dont just bark like a dog
All hate speeches are given by your so called leaders of BD and VHP.
Total Conspiracy!!!
This is a planned Encounter, 100%
This has to happen one day when innocents are framed detained and languish for years without trials. On the other hand convicted terrorists like aseemanand, sadhvi, prohit and other gujarat 2002 murderers supposedly to be hanged by this time are either acquitting, getting bail from their respective BJP ruled states.
True followers of the Religion of \Peace\" indeed.
But the definition of \"Peace\" is this :\"Strike terror in the hearts of the Unbelievers....\"
Kill the Unbelievers (Hindus).
Rape the Unbelievers (Hindus)
Pillage their property
In short, Muslims are totally ungrateful wretches."
8 MUSLIM terrorists escaped from jail..
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