NRIs who missed Eid prayers stage protest after Dubai-Mangaluru flight diverted to Kochi

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."

Bengaluru, Jan 22: Karnataka home minister Basavaraj Bommai today refused to respond when a journalist asked him why Aditya Rao, who was arrested on charge of planting bomb at Mangaluru International Airport, can’t be called a terrorist.

Responding to another query of another journalist on the sidelines of a private program, here, Mr Bommai said all airports in the state would soon have bomb disposal squads.

"After the Mangaluru airport bomb incident, a thought has been given to establishing bomb disposal squads near airports in the state. Hubballi and Kalburgi airports too will have them," he said.

He said, Aditya Rao resident of Udupi who has been in a frustrated state for not getting employment and earlier too arrested for hoax calls surrendered at the DGP office in Bengaluru on Wednesday. The Mangaluru police will take him into custody for investigations, he added.

Despite the suspect surrendering to the police, investigations into the case will continue, he said.

He further added, 'Irrespective of the organisations the accused belongs to, he will be punished.”

Explosives used in the Mangaluru airport bomb have been sent to the Forensic Science Laboratory for analysis and investigation. National Security Guards too were collecting details, he stated.

He then went on to slam Opposition parties over Mangaluru Airport bomb incident. “State police, on getting information about the suspected bag, had acted swiftly and diffused it. The opposition has resorted to politics and using the incident to appease minorities,” he said.

He also termed that the statements made by the opposition would instigate anti-national elements.

Bengaluru, Feb 20: The poultry industry is facing losses amid rumours of the discovery of a chicken infected with coronavirus in Bengaluru.

DK Kantharaju, president, Karnataka Cooperative Poultry Federation said, "Karnataka is facing losses of Rs 60 to 65 crores. The consumption percentage has also decreased by 30-35 per cent".

Atiq, a meat seller, said, "Because of coronavirus people are scared. But I want to say that chicken is safe to consume here. All this fear is caused due to fake news on social media."

Another person Abdul Hafeez said, "Chicken and coronavirus are not related. People are scared because of what is being spread on social media. The business has definitely gone down due to fear of coronavirus."