Maldives poll body confirms opposition victory in elections
Male, Sep 29 : The Election Commission of Maldives on Saturday confirmed the victory of opposition leader Ibrahim Mohamed Solih in the nation's general election and defeat of incumbent President Abdulla Yameen.
Maldives Democratic Party's Solih got 134,705 votes (58.4 per cent) while Yameen, leader of the Progressive Party of Maldives, secured 96,052 votes (41 per cent), Election Commission President Ahmed Shareef said.
"We have announced official results after the bureau decided the complaints will not affect the results in anyway," Shareef said, adding that the results had been delayed as the complaint department had to analyze objections they had received by the ruling party.
The final results confirmed the provisional data released by the poll body after the Sunday elections, The Edition reported.
Prior to the final declaration by the poll body, Yameen accepted his defeat in a live television address. "I know that I have to step down now," said Yameen, who has ruled the country for the last five years amid accusations of authoritarianism.
Yameen's acceptance of the results surprised the opposition, which had been anticipating electoral fraud and a possible crackdown on its supporters. He had earlier asked the poll body to defer the announcement of the election results, according to reports.
Earlier this week, the opposition criticized alleged manoeuvres by Yameen to delay the announcement of results.
However, the Election Commission President had said that the results would not be delayed beyond Sunday and the police and Army promised to "defend the decision made by the people on September 23".
The third elections after the fall of the three-decade long rule of Maumoon Abdul Gayoom were marked by a grave constitutional crisis after Yameen cracked down on opposition leaders, arrested judges and declared a state of emergency earlier this year.
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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.
