Former Chief Justice Sushila Karki takes oath as Nepal's first woman prime minister
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Kathmandu (PTI): Former Chief Justice Sushila Karki took oath as Nepal’s first woman prime minister on Friday, to lead an interim government, ending days of political uncertainty after the abrupt resignation of prime minister K P Sharma Oli earlier this week following wide-spread protests.
President Ramchandra Paudel administered the oath of office to Karki, 73, at the President’s Office.
Besides President Paudel and the newly-elected prime minister, Vice President Ram Sahay Yadav and Chief Justice Prakash Man Singh Rawat were present during the occasion.
President Paudel said the new caretaker government is mandated to hold fresh parliamentary elections within six months.
Earlier, after hectic consultations and negotiations among various stakeholders Karki's name was announced as the head of the caretaker government.
Karki was chosen to lead the interim government after a meeting between President Paudel, Nepal's top military brass, and the youth protesters, who spearheaded the anti-government protests
A meeting held between President Paudel, the Nepal Army chief and representatives of the 'Gen Z' protesters agreed on Karki's name to head the interim government.
Soon after taking oath, Karki will form a small cabinet and at its first meeting of the cabinet, she is likely to recommend to the president dissolution of the Parliament as per an understanding reached among various stakeholders, sources said.
President Paudel also consulted leaders of all major political parties, legal experts and civil society leaders separately before deciding to appoint Karki as the caretaker prime minister.
Oli quit on Tuesday following the violent youth-led agitation.
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Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter
New Delhi (PTI): Silver prices surged Rs 11,000 to Rs 2.51 lakh per kilogram in the national capital on Wednesday, while gold advanced to Rs 1.56 lakh per 10 grams amid strong global cues after the US and Iran agreed to a two-week ceasefire.
According to the All India Sarafa Association, the white metal zoomed by Rs 11,000, or nearly 5 per cent, to Rs 2,51,000 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,40,000 per kg.
Gold of 99.9 per cent purity also appreciated by Rs 3,200, or 2.09 per cent, to Rs 1,56,400 per 10 grams (inclusive of all taxes). It settled at Rs 1,53,200 per 10 grams in the previous market session.
Analysts said bullion prices strengthened as geopolitical tensions in West Asia eased, triggering a broader relief rally across global financial markets.
Gold maintained strong gains and approached a three-week high on Wednesday as improved global risk sentiment, along with a pullback in US dollar and crude oil prices, boosted demand for precious metals, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The positive momentum came after an agreement reached just before a self-imposed deadline by US President Donald Trump, who confirmed a pause in military action, conditional on the reopening of the Strait of Hormuz.
Iran also signalled that safe passage through the Strait would be possible during the ceasefire period, further easing supply concerns.
In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.
"Spot gold in the international markets surged on Wednesday after the announcement of a temporary ceasefire in the Iran war," Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.
He added that commodities, bonds and equities rallied after crude oil prices crashed nearly 20 per cent on the ceasefire announcement, as a decline in energy rates will reduce interest rate hike chances by global central banks, including the US Federal Reserve.
Echoing similar sentiments, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said precious metal prices rose up to 7 per cent as the dollar slipped below 99 on US-Iran ceasefire relief, temporarily easing fears of prolonged energy supply shocks and the associated inflationary fallout.
The rally in bullion ran alongside a broader relief rally in global markets. Throughout the conflict, gold's traditional safe-haven appeal has been tempered by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, she added.
"With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals," Chainwala said.
