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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."

Udupi, May 19: Within minutes after health and family welfare department announced four fresh covid-19 cases in Udupi district, a girl who had come from central part of Karnataka tested positive for the coronavirus thereby taking the count of cases detected after last evening to five. 

With this the total number of confirmed covid-19 cases in the district rose to 16. Three among them have recovered. One patient died last week. There are 12 active cases. 

According to sources, the 17-year-old girl from Chitradurga had visited KMC hospital in Manipal for cancer treatment on May 16. 

Her throat swabs were sent for corona testing on the following day. Today she obtained a positive report. Hence, she was shifted to Dr TMA Pai Covid hospital.

New Delhi, Jan 14: The Kerala government has challenged the new Citizenship (Amendment) Act (CAA) before the Supreme Court, becoming the first state to do so amid nationwide protests against the religion-based citizenship law. The Supreme Court is already hearing over 60 petitions against the law.

Kerala's Left-led government in its petition calls the CAA a violation of several articles of the constitution including the right to equality and says the law goes against the basic principle of secularism in the constitution.

The Kerala government has also challenged the validity of changes made in 2015 to the Passport law and the Foreigners (Amendment) Order, regularising the stay of non-Muslim migrants from Pakistan, Bangladesh and Afghanistan who had entered India before 2015.

The Citizenship Amendment Act (CAA), eases the path for non-Muslims in the neighbouring Muslim-majority nations of Pakistan, Afghanistan and Bangladesh to become Indian citizens. Critics fear that the CAA, along with a proposed National Register of Citizens (NRC), will discriminate against Muslims.

The Kerala petition says the CAA violates Articles 14, 21 and 25 of the constitution.

While Article 14 is about the right to equality, Article 21 says "no person will be deprived of life or personal liberty except according to a procedure established by law". Under Article 25, "all persons are equally entitled to freedom of conscience."

Several non-BJP governments have refused to carry out the NRC in an attempt to stave off the enforcement of the citizenship law.

Over 60 writ petitions have been filed in Supreme Court so far against the Citizenship (Amendment) Act. Various political parties, NGOs and also MPs have challenged the law.

The Supreme Court will hear the petitions on January 22.

During the last hearing, petitioners didn't ask that the law be put on hold as the CAA was not in force. The Act has, however, come into force from January 10 through a home ministry notification.