Eid Milad celebrated with religious fervour in Mangaluru

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."

Kannur, Jun 21: Customs sleuths on Sunday seized 432 grams of gold worth around Rs 20 lakh from a passenger who arrived at Kannur International Airport from Dubai in Fly Dubai flight, scheduled under Vande Bharat Mission.

Customs Assistant Commissioner E Vikas-led team seized the smuggled gold from the passenger Usman of Malappuram district and detained him, sources said.

The seized gold was kept in his inner-wear.

Bengaluru, May 31: Karnataka government on Sunday issued guidelines, which will come into force from June 1 and continue till June 30.

According to the new guidelines, religious places and places of worship for the public, hotels, restaurants and other hospitality services, and shopping malls will be permitted to open from June 8.

Union Ministry of Home Affairs (MHA) on Saturday announced new guidelines for phased re-opening of "all activities outside containment zones for the next one month beginning June 1.

In an order, Karnataka government said that phased re-opening of areas outside the containment zones, all activities will be permitted, except the following, which will be allowed, with the stipulation of following Standard Operating Procedures (SOPs) to be prescribed by the Ministry of Health and Family Welfare (MoHFW).

PHASE I

The activities will be allowed with effect from June 8 at religious places/places of worship for public, hotels, restaurants, and other hospitality services, shopping malls.

PHASE II

For the opening of schools, colleges, educational/training/ coaching institutions, the State government will hold consultations at the institution level with parents and other stakeholders. Based on the feedback, a decision on the re-opening of these institutions will be taken in the month of July.

PHASE III

Based on the assessment of the situation, dates for re-starting activities will be decided -- international air travel of passengers, except as permitted by MHA, Metro Rail, cinema halls, gymnasiums, swimming pools, entertainment parks, theatres, bars and auditoriums, assembly halls and similar places, social/political/spoils/ entertainment/academic/cultural/religious functions and other large congregations.

The State government said that it will follow the MHA's national directives for the coronavirus management, including compulsory use of face masks and social distancing norms.

"Face coverings are compulsory in public places, workplaces and during transport. Individuals must maintain a minimum distance of 6 feet in public places. Shops will ensure physical distancing among customers and will not allow more than 5 persons at a time," read the directives issued by the MHA.

In the order, State government has said that night curfew will continue to remain in force on the movement of individuals for all non-essential activities outside containment zones till June 30.

Lockdown limited to Containment Zones

* Lockdown shall continue to remain in force in the Containment Zones till June 30.

* Containment Zones will be demarcated by the district authorities after taking into consideration the guidelines of Department of Health and Family Welfare, Government of Karnataka.

* In the Containment Zones, only essential activities shall be allowed. There shall be strict perimeter control to ensure that there is no movement of people in or out of these zones, except for medical emergencies and for maintaining a supply of essential goods and services.

* In the Containment Zones, there shall be intensive contact tracing, house-to-house surveillance, and other clinical interventions, as required. Guidelines of the Department of Health and Family Welfare, Government of Karnataka shall be taken into consideration for the above purpose.

* District authorities/BBMP authorities may also identify buffer zones outside the Containment Zones, where new cases are more likely to occur. Within the buffer zones, restrictions, as considered necessary, may be put in place by the District authorities.

Movement of persons, goods

* There shall be no restriction on inter-State and intra-State movement of persons and goods. No separate permission/approval/e-permit will be required for such movements.

* Based on reasons of public health and assessment of the prevalence of Covid-19 in various States separate orders will be issued by the Health and Family Welfare Department regarding the inter-state movement of persons to Karnataka.

* Movement by passenger trains and Shramik special trains; domestic passenger air travel; movement of Indian Nationals stranded outside the country and of specified persons to travel abroad; evacuation of foreign nationals; and sign-on and sign-off of Indian seafarers will continue to be regulated as per SOPs issued.

The State Government in its guidelines advised persons above 65 years of age, persons with co-morbidities, pregnant women, and children below the age of 10 years, to stay at home, except for essential and health purposes.

Guidelines for Aarogya Setu App

* Aarogya Setu enables early identification of potential risk of infection, and thus acts as a shield for individuals and the community.

* With a view to ensuring safety in offices and workplaces, employers on best effort basis should ensure that Aarogya Sew is installed by all employees having compatible mobile phones.

* District authorities and BBMP Authorities may advise individuals to install the Aarogya Setu application on compatible mobile phones and regularly update their health status on the app. This will facilitate timely provision of medical attention to those individuals who are at risk.

Union Ministry of Home Affairs (MHA) on Saturday said that lockdown will continue in containment zones till June 30 and only essential activities will be allowed in those areas.

"Lockdown shall continue to remain in force in the containment zones till 30 June. In the containment zones, only essential activities shall be allowed. There shall be strict perimeter control to ensure that there is no movement of people in or out of these zones, except for medical emergencies and for maintaining the supply of essential goods and services. In the containment zones, there shall be intensive contact tracing, house-to-house surveillance, and other clinical interventions, as required," MHA said in its guidelines for #Unlock1.

It also issued new guidelines for phased re-opening of "all activities outside containment zones for the next one month beginning June 1."