Two die as car rams into tree in bid to avoid hitting cow

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."

New Delhi, Mar 19: Senior Congress leader Oscar Fernandes on Wednesday extolled the virtues of 'gaumutra' and shared an anecdote about a man claiming to have cured his cancer by drinking cow urine to drive his point home.

Participating in a debate in Rajya Sabha on two bills for setting up national commissions for homoeopathy and Indian systems of medicine, the former Union minister said, "My extreme friend Jairam Ramesh pulls my leg, when I talk of 'gaumutra'."

Sharing an anecdote, Fernandes said once during a visit to an ashram near Meerut he had met a person who claimed to have cured his cancer by drinking 'gaumutra'.

Many BJP leaders have earlier spoken about the healing power of 'gaumutra'. The Congress has reacted sharply to such remarks.

He also praised the virtues of the Indian systems of medicine. He said when he had severe pain in knee joint and doctors had suggested for replacement surgery. However, he refused and started doing 'Vajrasana'.

"I started Vajrasana, practising yoga, and today I am able to do wrestling without any difficulty," the septuagenarian leader said.

"When (former) prime minister (Atal Bihari) Vajypee ji had a knee surgery, I thought if I had known him earlier, I would have definitely gone to him and ask him to follow 'Vajrasan' and it could have been cured," he said.

He also claimed to have met a person in US aged around 104 years and moving swiftly as a young man.

"Yoga is our wealth. If you practise yoga, may be our budget cost of health can be reduced by 50 per cent. It's way of life," he said.

"Our own Indian systems of medicine will provide a lot of reliefs even before going to a doctor," he said.

Though Fernandes supported the bills but raised objection over the exclusion of yoga and naturopathy.

"I would urge the minister either to amend the bill or bring an assurance that it will bring a separate legislation to cover yoga and naturopathy," he said.

New Delhi, Mar 29: "What corona? My children are hungry, they have walked from Gurugram with me do you think corona is what I fear?," Yogesh Gangwar who is salesman in a cloth showroom said as he wiped his tears.

Many others regret for not leaving the city early on.

"God knows when we will reach our hometown. My family was telling me to leave work early in March and get back, but I avoided suggestions and now I am stranded here," Babu Ram who hails from Rampur and works at a plastic recycling factory here in Mundka told media.

Migrant labourers were forced to walk as the public transport were closed and borders were sealed due to the lockdown.

"There is no food to eat, I cannot pay rent of room without my daily wages so I decided to walk with my family from Narela to here. I just hope I get a bus soon," Revati, who works as construction labour said as she fed her three-year-old with pieces of bread that one of the policemen at Anand Vihar gave her.

However, when Yogi Adityanath-led BJP government in Uttar Pradesh decided to deploy around 1,000 buses to help these workers reach their respective hometowns, thousands of them reached Anand Vihar ISBT with a hope to catch one of these buses.

The Delhi government also announced that 100 buses have been deployed to help those trying to reach to their homes in other states on foot.

In order to avoid the spread of the virus, the police asked the people to stand in three queues and also asked the people to de-board the overcrowded buses.

Earlier, budget passenger carrier SpiceJet had offered its aircraft to operate few flights from Delhi and Mumbai to Patna to take migrant labourers, particularly from Bihar, who have got stuck in various parts of the country due to COVID-19 related lockdown.