India votes in favour of UNGA resolution on Palestine endorsing two-state solution
United Nations (PTI): India on Friday voted in favour of a resolution in the UN General Assembly that endorses the ‘New York Declaration' on peaceful settlement of the Palestine issue and implementation of the two-state solution.
The resolution, introduced by France, was adopted with an overwhelming 142 nations voting in favour, 10 against and 12 abstentions. Those voting against included Argentina, Hungary, Israel and the US.
India was among the 142 nations that voted in favour of the resolution titled ‘Endorsement of the New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution’.
The declaration was circulated at a high-level international conference held in July at the UN headquarters and co-chaired by France and Saudi Arabia.
In the declaration, the leaders “agreed to take collective action to end the war in Gaza, to achieve a just, peaceful and lasting settlement of the Israeli-Palestinian conflict based on the effective implementation of the two-state solution, and to build a better future for Palestinians, Israelis and all peoples of the region”.
The declaration called on the Israeli leadership to issue a clear public commitment to the two-state solution, including a sovereign, and viable Palestinian State.
It also called on Israel to "immediately end violence and incitement against Palestinians, to immediately halt all settlement, land grabs and annexation activities in the Occupied Palestinian Territory, including East Jerusalem, publicly renounce any annexation project or settlement policy, and put an end to settlers’ violence".
It also reaffirmed "support for the right of the Palestinian people to self-determination".
“Recent developments have highlighted, once again, and more than ever, the terrifying human toll and the grave implications for regional and international peace and security of the persistence of the Middle East conflict,” the declaration said.
“Absent decisive measures towards the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive,” it added.
Asserting that “the war in Gaza must end now”, the declaration further said that, “Gaza is an integral part of a Palestinian State and must be unified with the West Bank. There must be no occupation, siege, territorial reduction, or forced displacement.”
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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.
