Mangaluru Airport bomb should be an eye-opener for PM Modi amidst joblessness: HDK

Bengaluru, Apr 14: The Congress in Karnataka on Tuesday welcomed the extention of the COVID-19 lockdown till May 3, though it flayed Prime Minister Narendra Modi for not announcing any programme to support the slowed down economy.

Reacting to the lockdown extension, Congress president D K Shivakumar said it was much needed to control the virus but expressed his displeasure for not offering any relief measure to uplift the economy which is witnessing slump.

"We had expectation that some package would be offered but that was not done. The manufacturing sector, service sector, agriculture sector and even the medical sector was looking for some relief but that was not the talking point of the Prime Minister," Shivakumar told reporters.

However, he maintained that the party would cooperate with the Centre in its fight against COVID-19.

Leader of the Opposition Siddaramaiah said he was "disappointed" that there was no programme announced to improve the economy, which is at the lowest level in 30 years.

"The economy has collapsed. Never ever in 30 years it had witnessed such a downfall. Industries are closing down.

Agriculture in bad shape. poeple have no money. Villages are in distress," the former chief minister said.

He opined that Modi should have make some announcement with regard to economic programmes and assistance to the weaker section.

"Labourers today are on the streets. Their programmes do not touch them. People had lots of expectations which are now meaningless," Siddaramaiah said.

However, he underlined that he does not oppose the lockdown and appealed to the people to support it wholeheartedly.

New Delhi, Apr 25: Karnataka Medical Education Minister Dr K Sudhakar on Saturday said that a journalist from Bangalore Urban, who has tested positive for COVID-19, is one out of 15 new cases reported in the state.

He further said that out of the 15 new coronavirus cases, six each are from Bangalore Urban and Belagavi and one each from Mandya, Chikkaballapura and Dakshin Kannada. The state's tally is now 489.

"#COVID19 Update: From 5 pm, 24th April till 12 noon today. A total of 489 cases, 15 positives, 18 deaths & 183 discharges," Sudhakar tweeted.

India's total number of coronavirus positive cases has climbed to 24,506 including 18,668 active cases, 5,063 cured/discharged/migrated and 775 deaths, the Ministry of Health and Family Welfare said today.

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."