Mangalore Physiocon 2018 inaugurated; UT Khader felicitated

Bengaluru, Feb 14: In order to bring down the accident rates, Karnataka government is planning to increase the penalty for road offences, state Transport Minister Laxman Savadi announced here on Thursday.

Addressing media persons here, he said, ''The Centre had brought an amendment to increase the penalty amount. We too have a similar proposal, which we will discuss, post the budget session.

''Before bringing in the amendment, we will create awareness among the road users. By increasing the penalty amount, the number of offences and accidents will come down,'' Mr Savadi added.

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 29: Karnataka Law and Parliamentary Affairs Minister J C Madhuswamy on Thursday said the Centre has objected to the state's decision to increase working days at factories, and the matter would be discussed in the next cabinet meeting.

"....the Centre has raise objection to extending working days and has said it should be brought down. We will amend it....I will share the details after the next cabinet meet, the matter did not come up today (Thursday), we have received the letter," Madhuswamy told reporters in response to a question after the cabinet meeting.

He noted that a couple of states that had increased the working hours have withdrawn it. The Karnataka government had, on May 22, issued a notification allowing factories to extend working hours upto 10 hours a day and 60 hours a week till August 21. The extension of work hours is from the existing eight hours a day and 48 hours a week.

Pointing out that while announcing COVID-19 relief package, the Chief Minister B S Yediyurappa had announced Rs 5,000 per acre for maize farmers, Madhuswamy said while issuing the circular which mentioned that relief would be applicable to rabi crop, as it would not benefit many farmers.

Now, it has now been decided to give Rs 5,000 per acre to all maize farmers, irrespective of rabi or kharif. There were also several rules and regulations for barbers, autorickshaw and taxi drivers among others to claim their one-time compensation of Rs 5,000, the Minister said.

"We have decided to relax most of them (rules) other than those essential and give compensation, as regulations wouldn't have benefited many," he said. With five nominated seats of legislative council falling vacant on June 23, the cabinet has authorised the Chief Minister to nominate for 5 seats.

The cabinet also gave post-facto approval for Karnataka Repealing of Certain Enactments and Regional Law Bill 2020 that has been passed by the legislature.