Jaishankar to meet US Secretary of State Rubio in New York on Monday amid tariff, H-1B visa concerns
New York (PTI): External Affairs Minister S Jaishankar will meet US Secretary of State Marco Rubio here on Monday for bilateral discussions, as the high-level 80th session of the UN General Assembly (UNGA) kicks in.
This will be the first face-to-face meeting between Rubio and Jaishankar following President Donald Trump's imposition of an additional 25 per cent tariff on India for Delhi's purchases of Russian oil, taking the total levies imposed on India by the Trump White House to 50 per cent.
According to the daily schedule issued by the State Department on Sunday, Rubio will meet Jaishankar in New York City on Monday morning.
They had last met in July in Washington DC for the Quad Foreign Ministers' Meeting. The bilateral meeting comes on the same day India and the US will hold discussions towards achieving an early conclusion of a trade agreement.
A delegation led by Union Commerce and Industries Minister Piyush Goyal will meet with the US side on Monday in the city. "The delegation plans to take forward the discussions with a view to achieving early conclusion of a mutually beneficial Trade Agreement," the Ministry of Commerce and Industry had said in a statement.
The statement added that during the last visit of the team of officials from the office of the United States Trade Representative to India on September 16, positive discussions were held on various aspects of the trade deal, and it was decided to intensify efforts in this regard.
Jaishankar arrived in New York on Sunday for the high-level UNGA week, commencing his engagements with a bilateral meeting with the Philippines Secretary of Foreign Affairs, Theresa P. Lazaro.
"We followed up on the recent State Visit of President @bongbongmarcos to India. Also discussed our cooperation in the UN and the Indo-Pacific region,” the external affairs minister said on X.
According to a daily schedule issued by the State Department on Sunday, Rubio will meet Jaishankar in New York City on Monday morning for a bilateral meeting.
Lazaro said it was a pleasure to meet Jaishankar again after President Bongbong Marcos's "successful" state visit to India in August. "Our discussion today reaffirms our two countries’ commitment as Strategic Partners to actively develop cooperation in political, defence and security, the maritime domain, etc," she said.
Jaishankar will hold a series of bilateral and multilateral meetings during the week on the sidelines of the high-level UNGA session and will deliver the national statement at the General Debate on September 27 from the iconic green UNGA podium.
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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.
