EAM Jaishankar flags concerns over terrorism, extremism at SCO meet in Islamabad
Islamabad (PTI): In a thinly veiled message to Pakistan, External Affairs Minister S Jaishankar on Wednesday said cooperation in areas like trade, energy and connectivity is unlikely to flourish if activities across borders are characterised by terrorism, extremism and separatism.
In his address at a conclave of the Shanghai Cooperation Organisation (SCO), Jaishankar also asserted that cooperation must be based on mutual respect and sovereign equality and that it should recognise the territorial integrity and sovereignty of nations.
The external affairs minister led the Indian delegation at the SCO Council of Heads of Government (CHG) summit in Islamabad which was chaired by Pakistan Prime Minister Shehbaz Sharif.
Jaishankar said trust was key for cooperation and the SCO member nations can benefit immensely if the grouping moves ahead collectively.
He said cooperation must be based on mutual respect and sovereign equality.
"It should recognise territorial integrity and sovereignty. It must be built on genuine partnerships, not unilateral agendas. It cannot progress if we cherry-pick global practices, especially of trade and transit," he said, in remarks seen as an indirect reference to China's assertive behaviour on key issues.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
