KSE?holds Kuruba leaders' meet, talks Ahinda to counter BSY

Mangaluru, May 20: The Third Vande Bharat Mission flight carrying 63 repatriates from Muscat landed at Mangaluru International Airport at 8.35 pm on Wednesday. It was piloted by Mangalurean captain Michael Saldanha.

More than half of the passengers from Muscat alighted in Bengaluru where the flight landed first. Remaining 63 passengers came to Mangaluru. 

After landing, all the passengers were given health kits, food and mobile SIMs, and arrangements were made to change their currency at the airport. 

A health department team screened each passenger, after which emigration formalities were completed. Their throat swab samples will be tested for Covid-19 on Thursday.

Union fertiliser minister D V Sadananda Gowda tweeted on Wednesday that the next Vande Bharat Mission flight is scheduled on Friday from Doha to Mangaluru. The flight will land at Mangaluru at 9.55 pm. 

The third repatriation flight from Dubai to Mangaluru is scheduled on Saturday. It will first land at Bengaluru and later fly to Mangaluru. However, there are no flights from Bahrain, Saudi Arabia and Kuwait to Mangaluru.

Bengaluru, Apr 28: Providing respite, Karnataka has decided to ‘conditionally’ allow economic activities to restart in green zones.

The green zones of Chamarajanagar, Koppal, Chikkamagaluru, Raichur, Chitradurga, Ramanagara, Hassan, Shivamogga, Haveri, Yadgir, Kolar, Davangere, Udupi and Kodagu will now see shops and industrial activities starting operations, according to an order issued by Chief Secretary TM Vijay Bhaskar on Tuesday.

Lockdown restrictions in the wake of COVID-19 will continue in Bengaluru Urban, Belagavi, Mysuru, Vijayapura, Bagalkot, Kalaburagi, Bidar and Dakshina Kannada. Here, only essential services and supplies will be allowed.

In green zones, all shops that include neighbourhood shops, standalone shops, shops in residential complexes within the limits of municipal corporations and municipalities can open with 50 per cent manpower but with masks and social distancing mandatory.

Shops in residential and marketing complexes are allowed to open in areas located outside municipal limits, the order states.

Multi-brand and single-brand malls will remain shut across Karnataka.

Industries operating in rural areas of these green zones (except Ramanagara) have been allowed to start. Also, manufacturing and other industrial establishments with access control in special economic zones and export-oriented units, industrial estates and industrial townships will be allowed to operate.

“These establishments shall make arrangements for stay of workers within their premises as far as possible and/ or adjacent buildings. The transportation of workers to workplace shall be arranged by the employers in dedicated transport by ensuring social distancing (sic),” Bhaskar said in the order.

This order comes a day after Chief Minister BS Yediyurappa participated in a video conference with Prime Minister Narendra Modi, and with all deputy commissioners.

No decision on relaxing lockdown restrictions has been taken for Ballari, Mandya, Bengaluru Rural, Gadag, Tumakuru, Chikkaballapur, Uttara Kannada and Dharwad. “The decision regarding opening of shops and industries in taluks where there are no active COVID-19 cases will be taken by the concerned district in-charge minister,” Bhaskar said.

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."