D K Shivakumar takes charge as KPCC chief; lakhs of people witness swearing-in online

The government of India today said it will begin evacuating its nationals stuck abroad due to the coronavirus pandemic from May 7 in a phased manner. This facility would be made available on payment basis. 

A Standard Operating Protocol has been put in place and the travel would be arranged by aircraft as well as naval ships and will be available on a payment-basis, the government said.

"Medical screening of passengers would be done before taking the flight. Only asymptomatic passengers would be allowed to travel. During the journey, all these passengers would have to follow the protocols, such as the health protocols, issued by the ministry of health and the ministry of civil aviation," it said in a statement.

Specifying the protocols upon entry in India, the government said the returning Indians would be medically screened and will have to be quarantined for 14 days, either in a hospital or in an institutional quarantine on payment-basis, by the respective state government.

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."

Bengaluru, May 3: Erection of barricades and drawing up of boxes or circles aimed at maintaining social distancing were seen in front of liquor shops in different parts of Karnataka on Sunday, a day ahead of their reopening after a gap of over 40-days, due to the lockdown.

Karnataka Excise Commissioner on Saturday had ordered that only CL-2 (retail shops) and CL-11C (state-run retail shops like Mysore Sales International Limited) would open from May 4.

It had permitted liquor sale liquor between 9 am and 7 pm only in areas that are outside COVID-19 containment zones.

Reports of barricades being erected to ensure that people stand in line and drawing of boxes or circles in front of shops to maintain social distancing in front of retail and MSIL shops have emerged from across the state, including the state capital.

Also reports about shop keepers doing special poojas outside liquor shops in Kolar and some even illuminating their outlets with lights from outside have surfaced from other parts of the state.

Meanwhile, officials were engaged in checking stocks ahead of the shops opening on Monday morning.

"We are making all preparations to ensure that government rules are followed. We also seek the cooperation of the people and police," the manager of a shop said.

Another said there may be a rush initially, after which things may get back to normal.

"We expect things to go on smoothly," he added.

Calling for number of customers to be limited to five at a time while ensuring that they maintain social distancing of not less than six feet distance, the order states that customers and the staff will have to wear masks and sanitizers should be used at the shops.

Only stand alone CL-2 and CL-11C shops are allowed to commence liquor sale and not those at malls and super markets, it said.

Officials in Bengaluru said liquor sale is prohibited in 26 containment zones in the city, while in other places rules that have been prescribed need to be followed.

In case of any violation, strict action would be taken, including imposing of penalty, they said.

There was pressure on the government to kick start economic activities, including allowing sale of liquor, to boost the state's finances as excise is the key area which generates revenue.

State Excise Minister H Nagesh had recently pegged the losses at Rs 60 crore per day because of closure of liquor shops, due to the lockdown.