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."
The PIL, filed by seven Uttar Pradesh residents, has sought the court's direction to ensure that no animal is killed during the festival, called the feast of sacrifice, which is to be celebrated early next week.
Comments
they train how to slit the throat for their kids .. no wonder ISIS militrants love throat slitting and beheading ...they rejoice the kill ... it must be banned ...countries throat slitting activities are terrorism , rapes , smugling , hawala , robbing and thefts .. needless to say who are in large no ... hahaha ... so it is the effect of this ..makla justification nodri .. upper part na slice maadi pain agda haage koltaranthe ...adu dodda rocket science nanmaklige ...haha.. 150 crores iddu ondu nobel tegello yogyathe illa ...science bagge maatu .. hogree hogree fish sales madi hogi ... delivery time aithu :)
Halal best method.
Even yogesh also certified that halal is best way. In halal method. Animals and plants doesnt feel pain.
@yogesh
Well said, that's why we say that halal method either veg or animal, is the best method. because of the speed both doesn't feel pain at all.
at last u agree Halal is the best Method. When u accidentally cut ur finger, u wont
in halal method animals don't feel pain. what about fish, which die very painfully.
stop eating fish also. fish is also vishnu's avatar, which is more holier than cow.
muslims don't eat pig, because it is dirty and filthy, carries lots of diseases
hindus don't eat cow. why. is it dirty and filthy too.
in halal method, animals feel zero pain, proved by science. it is also proved that halal food is more tastier than non halal. and there is no blood in the meat in halal method, even science says halal is the best method. even non-muslims in western countries wants halal chicken, just check the restaurant in usa name is halal guys restaurant. people stand in queue, most of them are non-muslims. next to the restaurant there is one more restaurant, which is non-halal. which is fully empty
Do animals have rights?
The vegetarian argument is that killing animals for the benefit of humans is cruel and an infringement of their rights. They put both on the same level without conceding any superiority to humans over animals. This argument is seriously flawed, because if animals had rights comparable to those of humans, they must also have equivalent duties. In other words, we must be able to blame them and punish them if they violate the rights of others. It is absurd that it should be considered a crime for humans to kill a sheep, but natural for a lion to do so. The problem stems from a misconception of the role of human life within the animal kingdom: a denial of purposeful creation within a clearly defined hierarchy degrades humans to the level of any other creature. Yet even then, the argument is illogical: Why should plants, for example, be denied the same protection from a violation of the sanctity of their life?
Is Islamic slaughter cruel?
The question of how an animal should be slaughtered to avoid cruelty is a different one. It is true that when the blood flows from the throat of an animal it looks violent, but just because meat is now bought neatly and hygienically packaged on supermarket shelves does not mean the animal didn’t have to die? Non-Islamic slaughter methods dictate that the animal should be rendered unconscious before slaughter. This is usually achieved by stunning or electrocution. Is it less painful to shoot a bolt into a sheep’s brain or to ring a chicken’s neck than to slit its throat? To watch the procedure does not objectively tell us what the animal feels.
The scientific facts
A team at the university of Hannover in Germany examined these claims through the use of EEG and ECG records during slaughter. Several electrodes were surgically implanted at various points of the skull of all the animals used in the experiment and they were then allowed to recover for several weeks. Some of the animals were subsequently slaughtered the halal way by making a swift, deep incision with a sharp knife on the neck, cutting the jugular veins and carotid arteries of both sides together with the trachea and esophagus but leaving the spinal cord intact. The remainder were stunned before slaughter using a captive bolt pistol method as is customary in Western slaughterhouses. The EEG and ECG recordings allowed to monitor the condition of the brain and heart throughout.
The Halal method
With the halal method of slaughter, there was not change in the EEG graph for the first three seconds after the incision was made, indicating that the animal did not feel any pain from the cut itself. This is not surprising. Often, if we cut ourselves with a sharp implement, we do not notice until some time later. The following three seconds were characterized by a condition of deep sleep-like unconsciousness brought about by the draining of large quantities of blood from the body. Thereafter the EEG recorded a zero reading, indicating no pain at all, yet at that time the heart was still beating and the body convulsing vigorously as a reflex reaction of the spinal cord. It is this phase which is most unpleasant to onlookers who are falsely convinced that the animal suffers whilst its brain does actually no longer record any sensual messages.
The Western method
Using the Western method, the animals were apparently unconscious after stunning, and this method of dispatch would appear to be much more peaceful for the onlooker. However, the EEG readings indicated severe pain immediately after stunning. Whereas in the first example, the animal ceases to feel pain due to the brain starvation of blood and oxygen – a brain death, to put it in laymen’s terms – the second example first causes a stoppage of the heart whilst the animal still feels pain. However, there are no unsightly convulsions, which not only means that there is more blood retention in the meat, but also that this method lends itself much more conveniently to the efficiency demands of modern mass slaughter procedures. It is so much easier to dispatch an animal on the conveyor belt, if it does not move.
Yogesh, Lol, you explained halal veg in best way... anyone can understand now.. all doubts cleared.
after sacrifice animal we are not throwing meat and not keeping meat to eat ghost. we share all the meat to poor people and our family.we are not wasting the meat. if you care that much about animal you should ban eating non veg (chicken mutton)
I am surprised to see why they dont file PIL from banning export of beef meat. Very strange. Why they are maintaining double standard.
Government can allow Indian cow meat for foreigners to eat....this is very bad and disgusting policy....
On Eid day he feels \Cruel\" other days ?
What about vegetables right? even number of studies prove that plants feel pain. Can people stop using plant and vegetable ?
Court should have right to panish if some one file the IPL which does not make any sence and causing unnessary focus, contradict the constituional rights and waste of court time etc.,"
We Muslims sacrifice animals once in a year.But our Hindu brother's sacrifices animals every now and then in the name of Balidhan.We Muslims are not bothered about the PIL.Bec we blindly believe in Almighty Allah.
You have to file PIL against killing of HUmans first
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