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."
The animal sacrifice was made at the six-day yaga held from April 22 for public welfare. After performing the puja, the goats with their mouths tied were sacrificed near the fire altar (agni kunda). Later, parts of the goats were chopped off and sacrificed in the fire. The chief priest who took part in the yaga ate the meat, after consuming Soma Rasa.' As many as 17 priests from different parts of the country, including Tamil Nadu and Andhra Pradesh, took part in the ritual.
Comments
#presstitute.. enough fake news now..
am sure none of the reporter not even visited the place.. check times of india news. after taking interview of yagna chief said they tied some animals near yaga for few minutes and then later released..
No big deals coz this had happened in shivamogga not in BIG BAZAR or any other mall, where YEDDI and CHEDDI born ,
You eat whatever you want NAYI, KATTE,BEKKU,HANDI or COW mata, that is your birth right, mean time think about others right also, don't make galate lafta dombi while having others choice...
Now priests can say, I ate, you can also eat.
This will be a turning point for vegetarians and it is costlier than meat.
Very funny...
ONLY Cow is our Mother,ONLY Cow can feel the Pain,ONLY Cow is a leaving being.rest all made of Mud they are not our Mother nor Leaving being nor they feel the Pain.
Where is our beloved so called Menaka Ghandi Now...Animal LOVER.
In short Only fools can fool the other Fools.
jeevan, it is not a big deal... You are just kindly invited to share the Non-Veg food.....Enjoy....
Hahahha.. Bhattru trying to explain this incident and give clarification.
There is no need to think much for clarification, it's Simple - All these years they were hiding to eat Mutton Chops, Paya , Bheja fry etc.. Now they can't resist, and there's trouble of cameras all around plus the expose in Social media. So they legalize it with a ritual!!
#BBC - Brahmins_Brilliant, yet - Cowards
Barbecue Motion.....very tasty.....if it is done by brahmins....
Animal abuse is totally wrong in the name of god. will soon sue all of this bastards.
god bless all of us,
Yahh i also heard about this yaga, its famous nothing special in this.
in the name of god, they can do whatever they want, but can oppose us for caw slaughtering,
its their ritual. waste of reporting news on this.
Eid al-Adha also called the \Sacrifice Feast\" or \"Bakr-Eid\", is the second of two Muslim holidays celebrated worldwide each year, and considered the holiest of the two. It honors the willingness of Ibrahim (Abraham) to sacrifice his son, as an act of submission to God's command, before God then intervened, through his angel Jibra'il (Gabriel) and informs him that his sacrifice has already been accepted. The meat from the sacrificed animal is preferred to be divided into three parts. The family retains one third of the share
Whats the big deal now.
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