Kovind's win victory for poor, downtrodden, marginalised: Amit Shah

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."

Nanded, May 24: In a sensational incident, a Lingayat seer from Karnataka was found murdered in his mutt in the Nanded district of Marathwada region of Maharashtra on Sunday.

The seer, who was strangled to death, has been identified as Shivacharya Nirvanarudra Pashupatinath Maharaj, the founder-spiritual head of Nirvanji Pashupatinath Mutt.

Addressing media persons, Nanded Superintendent of Police Vijaykumar Magar, the prime suspect, Sainath Langote first killed his accomplice Bhagwan Shinde and then went to the ashram late on Saturday.

He entered Shivaharya Maharaj's bedroom where he was resting and threw chilli powder in his eyes, blinding him.

Then he quickly grabbed cash of Rs 69,000, his laptop and other valuables in the bedroom worth approximately Rs.1.50 lakh, besides the seer's car keys.

As Shivacharya Maharaj attempted to grapple with him, Langote pinned him down and strangled him, then dragged his body to the sadhu's car parked outside and dumped it into the boot.

"He started the car and sped off towards the road outside, but the car crashed into the main gate of the ashram creating a noise, alerting the other sevaks sleeping inside the ashram," Magar said.

Around 8-10 other ashram sevaks rushed outside to check the ruckus and when they saw their seer's belongings and his body in the car trunck, they attempted to stop Langote, but he gave them the slip.

A short distance away, Langote managed to steal a motorbike and sped off into the darkness and hours later, the police found the body of his accomplice Shinde from a nearby school premises, Magar said.

In view of the sensitivity of the incident, Magar said around five crack teams were formed which fanned out into the district and managed to catch Langote this afternoon.

"The prima facie motive for the seer's murder was clearly robbery and the second killing could be due to rivalry or some differences among them. The absconder suspect has been caught by a police team. We will interrogate him and get further details of the crime," Magar said.

Nanded Congress strongman and PWD Minister Ashok Chavan appealed that the murder should not be politicized, since the police investigations are underway and the autopsy report is awaited.

He said the deceased sadhu belonged to the Lingayat caste, and both Shinde and Langote who belonged to the same community were his followers.

Shivacharya Maharaj had come to Nanded over a decade ago and set up the ashram which he ran along with a band of followers.