Fishermen offer Samudra puja' in Mangalore

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."

Words Jihad and Jihadi have been in abundant use for the negative purposes from last two decades in particular. They have been closleyl linked to the word terrorism and violence, done by section of Muslims here and there. This global use of word is particularly a post 9/11 phenomenon. Just to recapitulate after the WTC was hit by two aeroplanes; the building sunk leading the death of nearly three thousand innocent people. The victims belonged to most countries and religions. In the aftermath; Osama bin Laden called it Jihad. American media coined the word Islamic terrorism since then. Most of the acts indulged in by Muslim terror groups have been labelled under this title. This; irrespective of the fact that many an Islamic Scholars, many a Muslim clerics like Maulanas of Deoband and Barelvi, stating that Islam does not approve of violence against innocent people. The words have stuck.

This has also beoame one more weapon in the hands of communal sectarian elements. Apart from the mainstream media social media has been delving this with gay abandon using these words in a derogatory way. The lap media also called Godi media, which is an important part of the opinion making against Muslims has been using it day in and day out.

Recently (March 11, 2020), Mr. Sudhir Chaudhary, the Editor-in-Chief of Zee channel in a show went on to the limits of this misrepresentation by showing a chart and classifying Jihad into various categories, Love, Jihad, Land Jihad and latest in series being Corona Jihad in the wake of Tablighi Jamaat event. Mr Chowdhary concluded that all these types of Jihad are being done to weaken India. Surely, these types of programs have been increasing and intensifying Hate against Muslims and Jihad.

Unlike most of the times, this time around a complaint was filed against the said editor, a FIR was filed and lo and behold the editor’s tune changed.  In the next program he talked respectfully about the word Jihad! The tone and tenor changed. Was it a late realization or the fear of facing criminal action which made him change the tune, he alone should know, but that’s another chapter to the story?

As such jihad is by and large used as synonym for violence, terrorism. This is very much contrary to the its use in Koran.. Islamic scholar Asghar Ali Engineer argues that its use in Koran is multilayered. It stands for ‘utmost striving’ and has nothing to do with violence against innocents. As per him the concept of Jihad is far above violence. Those indulging in power games have used it as a cover for expanding power and called it as Holy War. This is very similar to the use of word Crusade by Christian Kings and Dharm Yudh by Hindu kings.

A deeper and more rational study of Koran and Hadith bring forth the real meaning of the term. Sufi’s who were away from the power struggle and focussed on spiritual aspects of religion like Bhakti Saints or liberation theologians, unfolded the deeper meaning of the term. Engineer points out that “it is for this reason that they describe war as jihad-e-Asghar and jihad to control one’s greed and selfish desires as jihad-e-Akbar (Great jihad)” (On Multi Layered Concept of Jihad, in A Modern Approach to Islam, Dharmaram , Page 26, 2003, Bangalore)

The reference to Jihad comes in Koran over 40 times, mostly referring to Jihad-e-Akbar, striving to overcome personal greed and selfishness. The real transformation of the word Jihad in popular perceptions and Chaudhary is the extreme example of that, takes place during the training of Mujahideen in the few specially set up Madarssas in Pakistan. This was initiated and coordinated by America in the decade of 1980s, when the Russian Army occupied Afghanistan. That was the time American forces were totally demoralised due to their humiliating defeat in Vietnam, at the hands of Vietnamese people.

To confront the Russian army, US planned to join the anti Russian forces. For this with the help of extremist Salafi version of Islam, they promoted the radical tendencies within a section of Muslims. The brain washing of the Asian Muslim youth as Mujahedeen to Taliban took place in few Pakistani Madrassas, totally funded by America. For this funding opium trade was also put into operation. The brainwashing module designed in Washington incorporated many components which also distorted the concept of Kafir, and created Hate against communists. Communists were labelled as Kafirs (Non believers) and so killing them was presented as Jihad. Getting killed while doing such an act was to be rewarded with entry pass to Jannat with 72 virgins waiting for those embracing this path.

America further went on to promote Taliban and Al Qaeda, which joined anti Russian forces, leading to defeat of Russian forces. Mahmood Mamdani in his book ‘Good Muslim Bad Muslim’ makes an inference based on CIA documents that America invested 8 thousand million dollars and also supplied seven tonnes of armaments, including the most sophisticate missiles to these forces. One also recalls the Al Qaeda leaders’ visit to US, White house. In the Press meet the then US President Ronald Regan, introduced them as being the equivalents of founding fathers of United States as they are fighting against the evil of communism.

Now of course the situation has taken its own turn and nearly three decades after their inception the same elements, later followed by ISIS and IS acted like Frankenstein’s monsters, killing Muslims in large numbers. It is estimated that over 70000 Pakistanis have been killed due to the action of these groups, who were propped up and nurtured by US to enhance its control over the oil wells of West Asia.

The likes Sudhir Choudhary can merrily propagate the Hate using the term Jihad. That such elements can also be partly controlled through the process of law is a part of great learning after the FIR filed against him. One hopes that such hate filled programs will come to a halt once we combat them ideologically and after resorting to the provisions of Indian Constitution. 

Bengaluru, Jan 7: The Central Crime Branch (CCB) sleuths held an international bookie in connection with the Karnataka Premier League (KPL) betting scam and spot-fixing racket, police said on Tuesday.

The bookie was identified as Jitin Sait (32), a native of Sonipat in Haryana.

'We had obtained and issued a Look Out Circular (LOC) against Sait, and on Sunday, he was caught after he landed at the Kempegowda International Airport from the Netherlands.