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."
Police sources said that Arshid Qureshi was arrested after one of the relatives of a missing youth from Kerala accused the former of instigating Hindus and Christians to stop idol worshipping and accept Islam.
Comments
Mone, you are admiring all 4 Imams, BUT which Imam you follow ?????
I will re phrase my previous question..... Did prophet ( PBUH ) told us to follow Shafi / Hanafi /Maliki / Hambali after him ????
If he has not told, then why we are doing like that ( Got divided in to 4 groups )
Dear Sk,
why our prophet will follow any imam...he is the imam of all our imam...same we are following...
As u said u r admiring zakir naik.. same we are admiring all our 4 imam, sahaba, ambia and awliya and all scholors of ahle sunnah wal jamath
Mone. moodbidri..... Do not assume as u like.... I am not a follower of Dr Zakir Naik.... I just admire him for his vast knowledge .... I listen to all types of Moulanas ....I will pick up which looks correct for me Allah has given me brain to analyse the things....I am not a blind follower of any thing.....In Islam every thing has LOGIC and we have to undrstand properly....So you do not have any answer, as to which Imam was followed by Prophet ( PBUH )
Dear Sk,
Same question for you?
why you are following zakir naik?....
There is nothing logic dear its all about true understanding of islam....in 40 days jamath you will not learn everything about islam...for that you need to concern scholar who spent his life on islam...
Mono, why we are not following Prophet (PBUH ) ???????/
Why we are following the Imams, ????// what is the logic......don't we have any hadees telling how the Prophet was following ??????
dear sk
Different imams have different opinion about our beloved phophet , but you can follow any one of then no harm in that...but they never twisted any meaning of quran and hadeeth...as a ahl sunnah wal jamath we believe in all imam and their companions
now ur turn, if u r telling ki u r following directly from prophet, then u will give me hadees reference and that hadees was revealed by sahaba right?...same hadees we are following which are revealed by sahaba's
i guess now u understood...
Mone, Moodbidri......pls tell me our Prophet ( PBUH ) was following which Imam.....Shafi, Hannafi, Maliki, Hambali........... Today what we are doing and what we are following ????????????????????????????
sk sir,
our prophet followed his own way which is as per almighty wish ..later same way is followed by sahaba, ambia, aulia and ahle sunnah wal jamath
but now some bussiness man came with some follower and changed the real meaning of quran and hadees as per his requirment
May allah bless all
Mone, Moodabidri......I asked about the Prophet ( PBUH ). and not about you.....answer specifically.....do not go round the Bush
sk
iam following prophet, sahaba , ambiya , auliya and great scholors of ahle sunnah wal jamath
Mone, Moodbidri..... Which ......ism was followed by our Prophet ( PBUH )
Dear Guru,
Zakir naik studied Comparative religions and it is his right to tell the TRUTH...
In Vedas it is mentioned that NA TASYA PRATIMA ASTI. (There is no idols).. For so long YOur own hindu priests have misguided U guys and ask u people to worship the man made creation like Pratima, idols, pictures, status, worst is the animals and some even worse, they worship the naked people instead of following the Scriptures.
Now ZAKIR naik is telling the truth that there is no IDOL worship in Hinduism itself and the people (who says we are Head) who discriminate others are the leaders of YOUR religion...
U have to learn Y VEDAS say NA TASYA PRATImA ASTI... read and PONDER on this verse also compare it with what ISLAM says about Worshiping ONE GOD.... without image or statues... It will be clear to U & U will realize U are being FOOLED by the HEADS to bow down to the CREATION of ALLAH (god).
God's help come if YOUR intention is HONEST and U search for the TRUTH... TRY it (Just say : O the one who created ME - Guide ME)
TRUTH will prevail Falsehood will perish... even if the deception is as high as the mountain... which many people are blind to see.
Dear Sister Fatimah,
Let him stop poking other religion .. we used to leave happily in 90's .. why only now we are facing problems?...Why my friends ( not a naik's fans) are such a loving persons compared to zakir naik followers ..It shows thier mentality towards others .. its not good for society
Brother Guru,
Brother Neither Naik nor rss gangs can harm India.It is only our thinking ,assumptions promote it.Zakir Naik is a self made man,since it is duty of every mislim to invite non muslim for dialogue(da'wah) ,he is following it.We are obliged to spread the Islamic views to world or else it is a debt on us when we die.Thats it.He was doing his duty.He didnot force anyone to Islam.As he himself asks the non muslim openly do anyone force yo?Is it for fame or money you come to Islam etc?So there is no question of forced conversion.
However all Indian must understand it is a political gimmick by ruling party and some vested intrests who finds profit in defaming nother community people.They are slowly brainwashing the good hindus to hardcore hindus and attach social stigma status on muslims.But we dont care coz we know whatever Allah does is for good.Islam is the solution to mankind not a problem.
No one can convert by force anyone....people are understanding what is right and wrong...if someone understands what is Islam and its truthfulness...then he or she does not need anybodies force to convert...
Zakir Naik did not convert anyone forcefully...if you look at any of his speeches....
one of my friend was die hard fan of zakir...but after the media exposed about his assets and drama about conversion he changed his mind...now he is not following him to save india
so i request my fellow indians to not to follow fraud naik and please save our beautiful country
follow sufism to stop terrorism
One new convert was asked to support jihad ...it is well known fact that women are being trapped to fall in love by giving money to jobless jihadists ...then they are made to join Isis ..same thing happened in Kerala ...yesterday we saw Pakistan flag flying over a jihadis house and last week PFI shouted anti India and pro Pakistan slogans and owaisi offered help to Isis members ...it proves this community wants serious escalation of violence.
Mr.zakir naik is next asaraam bapu of india...soo many dumb followers with lot of property...jaago followers jaago
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