Sangh Parivar killed 14 Hindus in Karnataka and then put the blame on Siddaramaiah govt: BKH

Bengaluru, Jul 4: With the increasing number of COVID-19 cases in Bengaluru, the state government has decided to impose a total lockdown in Bruhat Bengaluru Mahanagara Palike (BBMP) limits.

The lockdown will start from 8 pm today till 5 am on Monday. The sale of essential items will only be allowed during the total lockdown.

"Complete lockdown to be imposed from 8 pm today till 5 am on Monday in Bruhat Bengaluru Mahanagara Palike (BBMP) limits, as per instructions by Karnataka Chief Minister BS Yediyurappa in view of COVID-19," BBMP Commissioner Anil Kumar said on Saturday.

"Sale of essential items will be allowed during the lockdown, including meat shops. Police action will be taken against people found roaming outside unnecessarily," he said.

With the number of cases increasing by 994 in the last 24 hours, the total of cases in the city now stands at 7,713. Of these, 6,297 are active cases.

So far, Karnataka has 19,710 cases with 293 deaths. While 8,805 people have recovered from the deadly virus.

At the national level, the total number of cases have now surged to 6, 48,315 out of which 3, 94,227 patients have recorded, while 18,655 have lost their lives.

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."

Bengaluru, Apr 13: Karnataka Chief Minister BS Yediyurappa today held a review meeting with his cabinet colleagues and senior officials regarding prevailing coronavirus situation and several other important issues in the state.

Chief Secretary TM Vijay Bhaskar was also present at the meeting. The possible situation once the COVID-19 lockdown is lifted was discussed along with the financial status of the state government and how to mobilise additional resources, sources said.

The Chief Minister also appealed to sugar factory owners to clear the pending payment to the tune of Rs 2834 crore to farmers in 11 districts. He also said that the government has released Rs 45 crore compensation to farmers for loss of paddy crop in Raichur and Koppal District due to hailstorm based on a report submitted by District Collectors.

Amid the lockdown distribution of free milk to the poor will also be continued for one more week, sources added.

The meeting also decided to speed up disposal of cases related to the regularisation of unauthorised constructions which are pending before the High Court and Supreme Court.

In addition to this, the government is planning to auction more than 12,000 corner sites lying idle in Bengaluru. An amendment to the law governing permission to allow sites in private and co-operative housing societies will be made. Hundreds of societies are waiting for approval from the government for releasing the sites, sources said.

It was also decided to utilise Rs 1,000 crore available at Rajiv Gandhi Health University to upgrade medical college hospitals.