India reiterates commitment to Palestinian cause
United Nations, Sep 27: Indian External Affairs Minister Sushma Swaraj has reiterated India's support to the Palestinian cause while asserting New Delhi's backing for a two-state solution to the conflict in West Asia.
Speaking at a meeting of the Ministerial Committee of the Non-Aligned Movement (NAM) on Palestine here on the sidelines of the UN General Assembly Session on Wednesday, Sushma Swaraj recalled the visit of Indian Prime Minister Narendra Modi to Palestine in February, the first by an Indian Prime Minister, and described it as a "historic occasion".
"During the visit, the Prime Minister announced a substantial upscaling of our development partnership efforts in solidarity with the Palestinian people," she said.
"India is investing in projects of healthcare, educational infrastructure, women empowerment and a printing press, in addition to other capacity building programmes."
Sushma Swaraj said that development partnership projects in Palestine worth around $70 million are under implementation during the last five years.
"These include flagship projects like the super-specialty hospital in Beit Sahour and the India-Palestine Technology Park, which was inaugurated last year in Ramallah," she stated.
She said that India's long standing friendship with Palestine is built around three core dimensions: solidarity with Palestinian people; steadfast support to the Palestinian cause; and development partnership to assist nation building and capacity building efforts.
Sushma Swaraj also mentioned India's increasing of its contribution to the UN Relief and Works Agency (UNRWA) for Palestine Refugees in the Near East from $1.25 million to $5 million annually.
"A negotiated two-state solution remains the only viable solution to the issue to bring sustainable peace and lasting security," she said.
Calling for restraint and moderation from all sides, she stated: "The stagnation since the collapse of talks four years ago and the deterioration in the security situation continues to cause serious concern. We hope for an early resumption of talks between Israel and Palestine that can move towards finding out a comprehensive resolution of the issue."
The NAM Ministerial Committee on Palestine was established under India's Presidency during the Seventh NAM Summit in New Delhi in 1983.
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Gold declines Rs 1,100 to Rs 1.64 lakh/10g; silver slips to Rs 2.71 lakh/kg
New Delhi (PTI): Gold prices declined Rs 1,100 to Rs 1.64 lakh per 10 grams in the national capital on Friday as traders booked profits at elevated levels for the second straight session, while silver also slipped to Rs 2.71 lakh per kilogram.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity depreciated Rs 1,100, or nearly 1 per cent, to Rs 1,64,100 per 10 grams (inclusive of all taxes).
Silver also fell Rs 600 to Rs 2,71,700 per kg (inclusive of all taxes) in the bullion market.
Analysts said traders locked in gains after the recent sharp rally in precious metal prices, even as global trends remained mixed.
"After opening with a gap up earlier in the week, both gold and silver gradually declined this week as a stronger US dollar and rising Treasury yields, along with reduced expectations for interest rate cuts by Federal Reserve, outweighed safe-haven demand stemming from the escalating Middle East conflict," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He added that investors continued to exit gold-backed exchange traded funds (ETFs) this week, indicating softer investment demand.
"ETFs reduced their gold holdings by 93,479 troy ounces in the latest session, marking the fourth consecutive day of outflows -- the longest losing streak since February 6," Gandhi said.
However, in the international markets, bullion prices were trading higher on renewed safe-haven demand, with spot gold gaining USD 14.70, or 0.29 per cent, to USD 5,095.81 per ounce, while silver increasing 1.4 per cent to USD 83.40 per ounce.
Traders said escalating tensions in the Middle East continued to support precious metals, though profit-booking limited gains in the domestic markets.
"Gold and silver prices experienced notable fluctuations on Friday, driven primarily by ongoing geopolitical tensions in the Middle East and robust safe-haven buying," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
These precious metals are gaining traction as investors seek refuge amid market volatility and rising crude oil prices, which surged to over USD 80 per barrel following the closure of Strait of Hormuz, a key global shipping route, raising concerns about supply disruptions.
"The US stock market reacted negatively, with major indices like the Dow Jones and S&P 500 witnessing significant declines, further fuelling interest in gold and silver," Garg added.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said investors are closely monitoring crucial macroeconomic indicators, including the unemployment rate and non-farm payrolls numbers scheduled to be released later in the day.
