Trump launches global anti-drug campaign; India signed pledge
United Nations, Sep 24 : US President Donald Trump launched on Monday a global campaign against the "scourge of drugs" with links to terrorism and asked for coordinated action to "save the lives of countless people in all corners of the world".
India is one of about 130 countries that have signed the pledge to fight the drug menace that was drafted by Trump to launch his campaign.
The signatories commit to developing national action against drug addiction, block at their borders and strengthen international cooperation against drug trafficking.
"Illicit drugs are linked to organized crime, illegal financial flows, corruption and terrorism," Trump said in a brief speech at the High-Level Event on Counter-Narcotics convened by him on the eve of the annual UN General Assembly meeting that brings together world leaders.
UN Secretary-General Antonio Guterres backed him with a call for "targeting the links between drugs, corruption, arms, human trafficking and terrorist networks" and "improved intelligence-sharing and analysis across the entire drug supply chain".
"Denying safe haven to drug traffickers - and better cross-border cooperation to pursue kingpins and dismantle networks," was essential, he added.
While Trump has been a critic of the UN, this time he gave it some credit, saying" "The UN has plenty of potential and that potential is being met, slowly but surely."
On Sunday, Syed Akbaruddin, India's Permanent Representative to the UN, told reporters that India was an early cosponsor of the pledge and noted that drug trafficking was used to finance terrorism, which impacts India horrendously.
Highlighting the magnitude of the problem, Guterres said that about 450,000 people die every year from drug overdose and 31 million people around the world required treatment for addiction.
According to US government data, 72,000 people died from drug overdose, mainly due to opioid use.
Fighting addiction is a personal crusade for Trump who has said he does not even take alcohol after seeing his brother die of alcoholism.
Moreover, his primary voter base of white working and lower middle class people are bearing the brunt of the opioid crisis in the US from the misuse of pharmaceuticals.
Some international leaders boycotted the meeting and refused to sign the pledge.
New Zealand Prime Minister Jacinda Ardern, who is among them, said that her country preferred an approach more suited to her country and one that emphasised a health-based approach.
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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.
