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."
Mr Kodichal's in a press meet last week had strongly supported Muslim Personal Law and stated that polygamy is far better than prostitution.
Comments
whoever want to oppose muslim talaq system or polygamy matter in please learn about it then come to talk about it.........
@ #13 Naren Kotian Singapore.
Naren please join our Sister Jashodaben Fans Group,We will make you the President of our Fans Club.If possible we will expand our fans club in Singapore also.
Xavier Mamu,
Cool down, Don't be frustrated. Chaddi brothers will never come to your support when you are in trouble. Relax. Dont forget the Church Attack.
Mr Ibrahim is right, Allah's command is final, no one can change
if you do also it will be fail....
ISLAM is peace religion, never said do not feed non muslims and anti social activities... Always says respect them and their priest
Islam says see the neighbor's hunger and feed them.
DO GOOD WORK FOR SOCIETY and MAKE FAIL TO ALL HATE MONGERS.
Who the hell all these muslim hate mongers tom dicky harry to shed crocodile tears when muslim women muslim community have no objection with the issue. I doubt the husbands of those sharing dias have single relationship. They might have one by legal. But God knows howmany have made back door exit entry . We all knew how the aids spread and who are responsible for it. Haati ke daant khaane ke aur dikhane ke aur. This is bitter truth. Let them look into the referendum in their own community instead tarnish the image of islam and muslim community. They have raise the issues like casteism, untouchability , abortion, devadasi system, alcohol, prostituion, dance bars, fast track hearings for murders and rapists.
Alhamdulillah muslims are proud to be muslim. Islam is the way of life evidencing people embaracing it across the world after practicing different religion majority among are women. Subahanallah. This shows how the hate mongers are hatching the conspiracy against the peace religion. Inspite the efforts Islam will stan firm . More they try malign larger will benefit islam. Tareeq gawah hai.
Dear Ms. Bhat,
In Islam polygamy only allowed to those person who has the capacity to look after with justice. Of course, women are not a use & throw item. Do not under estimate polygamy. It can solve lot of social problems. If you think that marry more than one is just for satisfaction purpose, then do you have any answer about Lord Krishna, who has married 16,000 women?
Look at the frustration ..muah...chummah gang completely in disarray ...hahaha...jashoda Ben fans Anthe .. This community took women as property and they were raping women under the strict rules...this is the main reason 60% prostitutes in kamati puram are from -----community. Ree faizhal Bhai elree idira ....burqa togondra. . I mean for protest rally ge.....rikacha nu seriskondu bidi ....swalpa straight and balukuva made irli ...yaake Andre burqa haaki kondirodu gandu antha gottagbaardu ...haha ...chennagi practice maadri ...
uncultured cong leader
Xavier Uncle. (Im sure he is not a Christian).
Jaun Zale. Dont comment just for the sake of Commenting.Rather Shut your Mouth.
Dear Aunties,
First tell Our Honerable Modi ji,To take care of his Own Wife our beloved sister Jashodaben. please tell him to give her the identity.So that she can spend rest of her life peacefully.
Abu Muhammad #6 CALM DOWN...
People are Ignorant of the REALiTY without making their research they come out and make bow bow by BLINDLY following their Evil Stupid thinking Leaders who also trap the IGNORANTS who want to live a life of UnAware of the consequences with the CREATOR...
Ms. Bhat, I advise you to marry first, change your status from single to marital, try to become a mother to someone and enhance your family tree. with regards to your queries or objection whatsoever, I strongly recommend you to read Chapter Talaq in holy Quran just once in your life time, do a qualitative study, then come to the public (I'm sure then you don't need to come) give your statement.
Sulochana Bhat, first look into your house - in your Brahmin community when husband dies, the widow is shaven, locked in the house and called MUNDE BIRANDI. Women in her period is kept out of the house like dirty dogs, you like your sister to be prostitutes than being a second wife enjoying all rights, freedom, respect and legal status. Your Lord Rama's father practiced polygamy, Pandavas practiced it, Your Lord Krishna had 16,108 wives officially wholesale polygamy ever recorded, Look into your various scriptures for further details and who practiced polygamy. Hindu kings had scores of official and un-official wives. For Polygamy and Divorce is the blessing from God Almighty. See the condition of your leader's wife - she has been suffering like hell in this world, neither divorced nor recognised as wife - Treated like worse than animal. This is the honour you and your Jumla party giving to the woman as your scripture says - NA STREE SWATANTRYA MARHATI.
Why public interested in personal or religious matter? Is anyone getting harm with these?
Dear sisters, very rarely you will find polygamy system followers in Islam. If they do it is their personal matter and better than prostitution. If any poor lady or someone getting respectful life what is wrong with it. Also remember, they should treat them equally so there is no questions about cheating or insulting.
The women in Pictures... and also those who want to increase their intellect...
Please watch this below video in YT
\Ahmed Deedats Amazing answers to 2 questions\""
Yes, polygamy is better than prostitution. Those who do not know the meaning of verses from Quran try to learn the meaning in your mother tongue then only you will be convinced what is and why polygamy.
dear hindu sisters the moment you know about the rights islam has given to women you will no longer remain to be non muslim, A true muslim, and most majority of muslim men dont treat women as objects it is the non islam religions which are treating women as sex objects, i think for these above ladies prostitution is justified if their husbands do , what a shame and they forget that prostitution with whom they are doing is a daughter, or wife or mother of someone., is it ok for them if someone do the same with their daughter or wife or mother.
ISLAM IS THE RELIGION WHICH IS THE TRUE AND THE ONLY WAY OF LIFE. AND ACCEPTED BY THE CREATOR, SUSTAINER AND THE CHERISHER OF THE UNIVERSE ALLAH THE ALMIGHTY.
BJP is concerned about woman....why they are not concerned about Modi's wife....she has been longing for joining him....why women's right group helping her....and not talking about it.......scared....hypocrites...
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