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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."

Bengaluru, Jul 20: Janata Dal (Secular) leader HD Kumaraswamy has urged the Karnataka government to stop putting warning signboards in front of COVID-19 patients' houses alleging that they are leading to "social discrimination and untouchability" in the present times.

"A local government warning signboards in front of the homes of COVID-19 infected people is leading to neo-social discrimination and untouchability in the new age. Even after infection, the individual and family should live with dignity. The government should immediately stop the practice of placing signboards," Kumaraswamy's first tweet read.

"Instead of placing them in front of their homes and creating untouchability, send health workers to their homes to create courage and awareness. They should be told not to leave the house. There is no such degrading practice left behind. I would like to ask Chief Minister Karnataka BS Yediyurappa to pay attention to this," he added.

The former chief minister further said that threatening to cancel the licenses of medical colleges for refusing treatment to patients would not solve the problem and urged the government to take them into confidence instead of rebuking them.

"Refusing treatment is the fault of any hospital. But for the same reason, threatening to cancel government medical college licenses is not right. There is no profit in this emergency of health. MCI also has the power to revoke the licenses of medical colleges. Remember not the government," he said.

"In this case, the government should look to the Medical Colleges to get their services in order to get them to trust them instead of getting angry. Let them focus on meeting their needs. I insist on a collective fight against the coronavirus through this," he further added.

The COVID-19 count in Karnataka reached 63,772 on Sunday, including 39,370 active cases and 23,065 cured and discharged patients.

Mangaluru, May 10: A special train carrying 1,140 migrant workers stranded here in the lockdown has left Mangaluru railway station for Jharkhand.

Dakshina Kannada MP Nalin Kumar Kateel and Vedavyas Kamath, MLA, were present at the railway station on Saturday night when the train left.

Kamath said the workers who had registered on the state governments Seva Sindhu portal were brought to the railway station in Karnataka State Road Transport Corporation buses.

A health check-up was carried out before they boarded the train.

The district administration also provided food packets and water to the migrants at the station.

Three more trains will leave from Mangaluru for Uttar Pradesh, Bihar, and Jharkhand soon, he said.

Meanwhile, in a statement, Dakshina Kannada Deputy Commissioner Sindhu P Rupesh said train services are being arranged for migrant workers who have registered their names on the Seva Sindhu portal.

The workers will be informed when trains are arranged to their destinations and they need not throng the railway station unnecessarily, she said.

Around 20,000 workers have so far registered themselves online, including 5,000 from Jharkhand, 3,000 from Uttar Pradesh and 4,000 from Bihar.

Hundreds of migrant workers had on Friday staged a protest at the central railway station here, demanding that they be sent back home.

The workers went back to their camps only after district authorities and police gave them assurance that trains will be arranged in three days.