Shobha’s brazen lies a disgrace to Karnataka, says UT Khader

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, Jan 1: Karnataka Home Minister Basavaraj Bommai said here on Tuesday that the State government will think about making policy on giving compensation to the families of those who have died in police firing.

Speaking to newsmen here on Tuesday, he said that the government withholding compensation to the families of two persons who died in police firing in the city on December 19 after a protest against the Citizenship (Amendment) Act turned violent and even in 2006 when two persons had died in police firing at Mulky in Dakshina Kannada the then State government had not given any compensation to their families.

In the latest case, the First Information Report (FIR) has named the two persons who had died in the firing as the accused. After the incident, there were demands to provide compensation to the families of the victims.

Bengaluru, Feb 18: Deputy chief minister Laxman Savadi was elected to the legislative council on Monday and although it was a done deal that he would win, a vote from across the aisle spiced up the election.

Counting was conducted soon after ballots were cast and Savadi polled 113 of the 120 votes cast, including the vote of disgruntled JD(S) legislator GT Devegowda. Seven votes were declared invalid. Members of the two opposition parties — Congress and JD(S) — abstained from voting.

The election was necessitated following the resignation of Rizwan Arshad of the Congress. Rizwan resigned after he was elected to the legislative assembly from the Shivajinagar constituency in the assembly bypolls held for 15 seats in December last year.

BR Anil Kumar, who was initially promised the support of both Congress and JD(S) was supposed to contest as an independent candidate. However, as both parties refused to support him at the last minute, he withdrew, paving the way for Savadi’s victory.

The BJP has 117 members in the 225-member assembly, but N Mahesh of the BSP and two independents, H Nagesh and Sharath Bachchegowda, besides GT Devegowda also voted, taking the total electorate to 120 (including the speaker). BJP’s SA Ramadas did not turn up because of health reasons.

“I would like to thank all those who were responsible for my victory. Special thanks to leaders of my party and chief minister BS Yediyurappa, who gave me the opportunity to be the BJP candidate,” said Savadi.

Winning this council election was crucial for Savadi to retain his ministry as he was not an elected member of either of the houses. Rules mandate that a non-member must get elected either to the assembly or council within six months after taking over as minister. February 20 was the deadline for Savadi, who had lost 2018 assembly polls from Athani, to get elected.

Officials in the assembly secretariat said seven votes were invalid because voters had wrongly marked their choices on ballot paper. According to norms, a voter has to mark numerical one, two and three against the names of the candidates in order of preference. Marking only numerical one is allowed. However, six ballots had a tick mark, while a voter had registered a cross mark. Since it was a secret ballot, it was not known who the MLAs were whose votes were invalid.

“The ballot papers bear serial numbers and they are randomly distributed. It is virtually impossible to say who a voter cast his or her vote for,” said assembly secretary MK Vishalakashi, the retuning officer for the bypoll.