Muslim philanthropists including woman assaulted by hate mongers while distributing food items among poor

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."

Belgaum, Mar 26: The police on Thursday thrashed people who had gone to offer prayers at a mosque despite the nationwide lockdown in force.
In a video, the police personnel can be seen thrashing the people with batons while they were leaving after offering prayers at a local mosque here.
In another incident in Rajasthan's Pratapgarh, the police made few youngsters hop along a road and even gave the 'murga,' punishment to a few of them for violating the restrictions.
Similarly in Uttar Pradesh's Budaun, the police made people hop along a road with their bags strapped on their backs as a punishment. The people were possibly going to their native places.
In the video of the Budaun incident, a few men can be seen being made to hop along the road with a stick-wielding policeman keeping a watch.
SSP Budaun told ANI that an investigation is being conducted into the incident and expressed an apology for the police's behaviour.
Prime Minister Narendra Modi had announced a 21-day countrywide lockdown to check the spread of coronavirus, saying that "social distancing" is the only option to deal with the highly contagious disease.

With an aim to provide water to stray animals in Mangaluru, an animal activist announced a project 'Jal' under which free water bowls will be distributed to the people across the city.

Tauseef Ahmed believes many animals and birds do not find source to drink water which leads to death.
"Finding clean and safe drinking water has been a major issue in a lot of places. We humans when we face some scarcity we manage by taking the water out from the well," Ahmed told ANI.

"Unfortunately, that's not the case with when it comes to animals and birds. They do not find sources for water to drink so they eventually end up drinking sewage water and they fall sick. In some cases, even that is not available and due to dehydration, they die," he added.

Under the "Jal" project, Ahmed will distribute free water bowls to the people and expects them to make equal efforts in saving the lives of the animals.

"So, this project "Jal" will be providing 100 free water bowls all over Mangaluru. We are distributing it free of cost. All you have to do is keep the bowls outside in the garden or any places where animals frequently visit. Every day, we just have to fill the bowls with water for the animals. It will help a lot of animals to survive in the harsh weather of summers," Ahmed highlighted.

"We have used cement to make the bowls which will keep the eater really cool. We are spending close to 74 rs per bowl. We have made around 100 bowls and will continue making it. We are trying to cover as many animals as we can," he said.