Shwetha Rasquinha conferred doctorate by Mangalore University

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: Seven fresh Covid 19 positive cases are reported in 24 hours which includes one death from Kalburgi. Of the 7 cases, Kalburgi and Vijayapura share 3 cases each and one case is from Dakshin Kannada, as per the Tuesday mid day health bulletin issued by the Department of Health and Family Welfare.

The deceased has been identified as a 80 year male from Kalburgi. He was bedridden from the past 3 years and was suffering from Parkinson’s Disease since 4 years. Health officials said that he came with the complaint of Severe Acute Respiratory Infection (SARI) and expired on Monday night.

Along with his death, the total death tally now stands at 17 and the total positive cases in the state is 415.

Kalburgi which recorded the first death for Covid 19 in India has so far reported 4 deaths including the above one. The first slot for recording more deaths in the state is now shared by Bangalore urban district and Kalburgi district with each recording 4 deaths each.

Kalburgi district now has 24 active cases.

All the three cases are females, reported from Vijayapura were the primary contacts of a Corona positive patient (P306), who inturn got infected from a patient with history of SARI.

Apart from the deceased male who tested positive, the other cases from Kalburgi is of 29 year old male with influenza like illness and other case is of a 61 year old male whose source of infection is yet to be traced by the health department.

The case from Dakshin Kannada district is from Bantwala region and the positive patient is a 67 year old female with history of SARI. She is getting treated at designated hospital at Dakshin Kannada.

Dubai, May 9: The wholehearted and collective effort of Karnataka NRI Forum, UAE and its president Mr. Praveen Shetty made it possible to have the first repatriation flight to Mangaluru – Karnataka from UAE. The Union Minister of India Mr. Sadananda Gowda tweeted on May 8th that the evacuation flight will fly from Dubai on May 12th with stranded citizen of India in UAE.

The whole world is under the impact of pandemic Covid 19. Government of India has announced the flights to repatriate its stranded citizens from all over the world. Sadly, the first batch of the announced flights had no mention of any flights from Gulf countries to Karnataka.

In Gulf countries, especially in UAE, thousands of Kannadigas are working for their livelihood. In this population major part is shared by coastal Karnataka people who belong to Mangalore, Udupi and other nearby districts. This lack of consideration of Mangaloreans for repatriation was made whole Kannadiga’s in deep sadness, where as many Kannadiga’s were waiting for flights to obtain urgent medical assistance and other medical support back in their home country.

Once after obtaining the news of not having flights to Karnataka from UAE, Mr. Praveen Shetty immediately actioned and wrote letter to concerned departments and ministers under the banner of KNRI. Mr. Praveen Shetty was in continuous follow up with Deputy Chief Minister of Karnataka Dr. Ashwath Narayan, Mr C.T. Ravi Minister for Tourism of Karnataka, Union Minister of India Mr. Sadananda Gowda, Minister of Parliamentary Affairs (India) Mr. Pralhad Joshi, Minister of Railways of India (Minister of State) Mr. Suresh Angadi and officials of Aviation ministry along with other concerned departments.

The efforts have now given the result and finally the confirmation has been obtained from Mr. Sadananda Gowda about consideration of repatriation flights to Mangalore from Dubai on May 14th. It is expected that Aviation ministry will officially announce the flight arrangement and other operational information shortly.

Speaking to media, Mr. Praveen Shetty said, Karnataka NRI Forum is always committed to serve  Kannadigas and the collective effort of core committee members, ministers of Karnataka & Govt of India including the Aviation & other concerned ministries made possible the most important and much awaited flight to Mangalore from UAE to repatriate expats who are in need. I thank each and everyone who joined their hands to make this possible.

Mr. Praveen Shetty is a well-known businessman in UAE who manages Fortune Group of Hotels in UAE & Georgia. He selflessly given his 3-star hotel to UAE ministry to operate as Quarantine facility to people who are under observation with Covid 19. Also, he joined his hands with organizations in UAE who are extending their helping hand to needy people in UAE.

With the help of likeminded businessmen and professionals, the KNRI forum under the leadership of Mr. Praveen Shetty along with ‘Dubai Anivasi Kannadigaru’ started a helpline called “Kannadigas Helpline” through which they received around 3000 requests for food, medical, legal and other assistance. They aided many Covid infected people with quarantine and isolation by the help of Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India under the guidelines of Dubai Govt.

Mr. Praveen Shetty expressed his gratitude to Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India for their professional guidance and help to Kannadigas during the pandemic Covid 19 situation.

Air India has pre-scheduled the Special Evacuation Flight from Dubai to Mangalore on 14/5/2020 to 12/5/2020 after constant persuade.

New Schedule:

Flight no - IX 0384

Timing:
Dubai - 16:10
Mangalore - 21:10

*All timings local @airindiain @PIB_India @PIBBengaluru

— Sadananda Gowda (@DVSadanandGowda) May 9, 2020