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
I was surprised with these people who run educational institutions since long, and the management not understand the rights of Muslims women, that is also simple wearing scarf as it is a moral and religious rightrs of muslim women,and girls, it covers the chastity and aura of a girl ,a mother , and as well all women, but why these nuns are discriminating with muslim community only, by the way why they cannot work without their scrafs inside school or college, Every muslim women is a spiritually religious to wear scraf or cover the chastity with the scarf ..complare to few nuns only wear scarfs since it is their religious rights.
I am asking the management of college to settle the matter peacefully .
No one is abusing her, but for the decision what she has taken is just showing her personality whether she is a angel or simply a common woman who is making a religious chaos between two Community. Respect each others community is what we learn from from Masjid and Church. But here this is going some other way.need to stop before the situation is worsened
I request all the muslim students to wear the same dress what the madam is wearing - problem solved..
Angle......... my foot!!!...if man can become angle then i would have been the first...
Shocked to read brainless comments from Muslims. Muslims cannot build an institution like St Agnes College in Mangalore. But they talk about their rights in Christian and Hindu managed colleges. What a tragedy. May Allah grant good sense to Muslims so that they realize their foolishness.
Never expected such a drity mind set opinion form a religious preacher. She can wear full hijab and Muslim students not permitted. It is well clear to understand what time of human being she is and what is her intention.
Check her passport how many times she visited isreal
Dear Management
When you are implementing any rule's, it should be such that you should be following it. If your principal herself is wearing then how ethical is that to stop the students wearing it.
Hijab is for to cover the modesty and not for exposing.!! Please respect each others propsective.
Sr Dr M Jeswina AC is not a divine woman. She is an angel. Those who mock her must be extremists or anti-social elements.
One more Threat for Indian Democracy by the Principal of St. Agnes College Mangalore, Sr Dr M Jeswina AC.
If the Principal can wear the Scarf, then why Shouldn’t the Students.
Again why its Double standard and what is the Method behind this policy.
Common, once again we all indian’s should BIGOT this policy of St Agnes College Mangalore.
i donno hu ur. but i felt ur comment on the issue of head scarf as funny. as hijab for men and women is farl or compulsory den u need to follow it. to be a citizen of a country u must follow the rules of that country. similarly if u want to be a muslim u need to follow the rules of islam. otherwise u r not called one.u can say that islam is in heart need not show in hijab. when imaan is in heart then definitly hijab will be der otherwise u need to check ur imaan not alter the rules of islam.
Principal Mam can wear fully covered headscarf. But students (muslim) can't...
Dear All
this is the height of hypochracy ..... she herself opt for it , and say you dont wear it ???// in Quran its mentioned ..''Do not preach unless you follow it ''
Dear Sister Dr. Jeswina
How can You prevent and take this decision being in a headscarf? Interestingly you preach this and practice proudly and roam around the world wearing such dress code which you and your institutions are opposing other community. May I ask you on behalf of society with all due respect to your valuable service to the education, what kind of justification you are putting forward to media and seeing students attend classes ignoring their constitutional demand. Dear Sister, will you implement and make it mandatory same rules for students who are wearing a similar dress which you are into? If not this approach will be called communalism or fascism (Sorry for using such words).
Dear Principal, Institutions are not at all allowed to restrict a students religious practice at any place inside the campus. In front of the constitution your college rules will fall down and your college rules should be modified. Look at the hypocrisy you are playing with the students. You will enter the class with your scarf on. And you want a particular community student to remove it? What kind of justice it is.No education institutions are even allowed to impose uniform system for students. We condemn your act. Just don't drag this issue more, please behave mature
Catholic run schools and colleges always do like this.
I am not sure whether there is male teacher in this college, if yes, then the women have right to observe hijab inside the classroom as well. No rules is bigger than the personal right guaranteed to individuals living in India. If this principal mam have right to observe her personal hijab inside her cabin, then Muslim women also should be given their rights.
easy solution, let Muslim students accepts the principal madam dress code, in this matter, let it teacher will be role model for students, accept it
dear college management and student,
as soon as i saw people discussing and sharing the views regarding the ban of women scarf in the college auditorium, i too wants to share some views and ideas related to this. as far as college rules and regulation is concern ban of scarf is acceptable. but if we follow the rules and regulation of my lord it is unacceptable.
student should first contact pricipal regarding whatever issues they. and it the liability of the management to solve the issue in favour of the student because whatever issue they are raising it is the issue to uplift the women rather degrading. hoping the maangemnt to solve the issue in favour of student.
In Islam, men have an obligation to God and to women to observe hijab. I imagine a conversation between someone teaching the Quran and a guy as follows:
Teacher: Don’t stare at women.
Guy: But she’s wearing revealing clothing!
Teacher: Why are you staring? Stop.
Guy: But it’s revealing.
Teacher: Why-are-you-staring?
Guy: Uh…
It’s that simple.
If a guy chooses to accept Islam, Islam says he must observe hijab. The Prophet Muhammad’s directives further affirm this view. He admonished men, “Be chaste yourselves, and women will be chaste as well,” again putting the primary burden of hijab on men.
This point was again illustrated when the Prophet rode with his companion Al Fadl bin Abbas. A woman described as strikingly beautiful approached the Prophet to seek his guidance on some religious matters. Al Fadl began to stare at her because of her beauty.
Noting this, the Prophet Muhammad did not scold the woman for dressing immodestly or revealing her beauty. Instead, he “reached his hand backwards, catching Al Fadl’s chin, and turned his face to the other side so that he would not gaze at her”. Thus, the Prophet Muhammad once more established that the primary burden to observe hijab rests on men.
Ughhhhh. Individual choice yes. But college has certain rules. You don't want to follow the rules, you don't join that particular college. Also, Islam is a very beautiful religion. Let's not make it all about the Hijab.
All students (irrespective of religion) should obey collage or school rule.
missionary school management are allowing sisters to wear their dress similar to Principal dress but they are restricted to hijab.
There is no comparison between student and principle..
Rules are only followed by the students.
Prici mam… whatever u are wearing is a perfect Hijab in Islam. Kindly allow Muslim girls also to wear the same in classroom.
Hahahahhah.. what a pic!!!! She can wear headscarf but Muslim students can’t wear!!!
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