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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."

Belthangady, Jun 26: Thieves broke into a house at Kalmanja village in Belthangady taluk of Dakshina Kannada during the wee hours on Friday and decamped with cash and valuables worth Rs 13 lakhs after tying the inmates of an areca merchant's house.

Police said the stolen valuables include 40 sovereigns gold, one kg silver and cash of Rs 25,000. The robbery took place in the house of Achyut Bhat who is an areca merchant in Ujire.

The house inmates opened the door after hearing dogs barking. Immediately the criminals, wearing masks, barged into the house and threatening to kill tied them before escaping with the booty.

Bengaluru, May 7: Fear and anxiety gripped migrant workers who lined up at police stations in the city on Wednesday to register for train services without knowing that the state government had cancelled the train facility.

Senior officials in South Western Railway said they were ready to run special trains for migrant workers. On Tuesday evening, the state government decided to withdraw the requests made for 13 such trains to north India after realtors said they need the labourers here.

Migrants continued to stream into the railway station at Majestic, Bangalore International Exhibition Centre and even the bus station hoping for some travel arrangement. Many who were aware of the government web portal, stood in front of the BBMP ward office or police stations for enrolment.

In Varthur, over 100 migrants stood in front of the police station and sought to know what happened to the forms they had submitted four days ago. "We first went to the BBMP office and were shooed away by an official who directed us to go to the police station. We want to go home and demanded that the police help us. There was no response first. Then they came out and beat us," said Pintu Kumar from Mohanpur of Bhagalpur district in Bihar.

Though a video clip accidentally shot by Kumar showed two police personnel charging the cane at them, a police officer from the Varthur station, however, disputed the claim. "The video doesn’t show the cane landing on any person. We were beating the seat and tyre of two-wheelers to send the migrants away," he said.

At Mahadevapura, the workers came in groups and submitted the forms at the police station.

At the railway station in Majestic, a group of labourers from Bihar, Uttar Pradesh and Jharkhand had walked from several areas in south Bengaluru only to be told that there is no train. Mahendra, a labourer from Jharkhand, said they received 5 kg rice and nothing else in the last 45 days. "Now, I don’t want food. I don’t want the job or money. I can't get stuck here. I want to go home,” he said.

'Restore dignity'

Activists and leaders wrote an open letter to Chief Minister B S Yediyurappa questioning the decision to cancel trains without consulting labourers and protesting the violation of their fundamental rights.

The letter had support of 522 organisations and individuals, including Dalit rights organisations and trade unions. It urged the government to restore the dignity of the migrant workers. "We demand recognition of the autonomy and dignity of the migrant workers to decide their travel plans. No one should be forced either to stay back or to return to their home states," it said.