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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."

Mangaluru, Feb 16: A 45 year-old man committed suicide by jumping into Netravati River from the bridge near Thokkottu along with his six-year-old son in the early hours of Sunday here, police said.

The deceased have been identified as Gopalkrishna Rai and his son Aneesh Rai, residents of Baltila in Bantwal.

According to the police, Gopalkrishna along with his wife Ashwini Rai and son had come to Konaje for a family programme. At about 4:30 a.m. he came to the bridge with his son, left a suicide note and jumped into the river.

Bengaluru, Feb 21: Historian Ramachandra Guha on Thursday refuted Karnataka home minister Basavaraj Bommai's claim that the latter had apologised for police allegedly manhandling him during an anti-CAA protest in the city, saying he received no such call or apology.

The writer further said even if such an apology had been offered, he would have rejected it.

"The Home Minister of Karnataka has claimed on the floor of the State Assembly that he apologised to me by phone for the manhandling by the Bengaluru police on 19th December 2019. This is false.

I received no such call or apology," Guha tweeted.

"Even if such an apology had been offered, I would have rejected it.

The imposition of Section 144 was illegal (as the Karnataka High Court has since held) and I was proud to be one of thousands of peaceful protesters who defied the States arbitrary action on that day," he said in another tweet.

During his reply to the debate on law and order situation in the state, Bommai on Wednesday claimed that he had apologised to Guha.

The minister was apologising to senior Congress MLA and former Speaker K R Ramesh Kumar for police serving him notice and detaining him along with others at Mangaluru airport in December for trying to enter the city despite restrictions following violence there.

Stating that anti-CAA protests have taken place peacefully across the state, he had said, there might have been minor discrepancies, like that with historian Ramachandra Guha, being manhandled during a protest.

"I have called and apologised to him," he had said.

Guha was detained on December 19 for staging a demonstration against the Citizenship Amendment Act and National Register of Citizens at the Town Hall here, in defiance of the prohibitory orders imposed in the city.

He was taken away by police personnel and led to a police vehicle parked nearby.

Leader of Opposition in the assembly and former chief minister Siddaramaiah said Bommai has committed a "perjury" in the House, and asked him to apologise to people and Guha in front of media.

"Bommai has committed a perjury on the floor of the House. It answers the question of where @BJP4India workers derive their motivation to spread fake news.

Bommai has insulted the people whom he represents," he tweeted and demanded that he apologize to people and Guha.