Trump brokers another peace deal in Middle East, Bahrain to normalise relations with Israel
Washington: US President Donald Trump on Friday brokered another peace deal in the Middle East with Bahrain announcing that it would normalise diplomatic ties with Israel.
The announcement by Trump after he hosted a historic call between Prime Minister Benjamin Netanyahu of Israel and King Hamad bin Isa Al Khalifa of Bahrain came a month after he had mediated between the United Arab Emirates and Israel to do the same.
Leaders of the UAE and Israel are scheduled to sign an agreement in this regard at the White House next week.
In the spirit of peace and cooperation, Netanyahu and Al Khalifa agreed that Bahrain will fully normalise its diplomatic relations with Israel, Trump told reporters in the Oval Office of the White House.
They will exchange embassies and ambassadors, begin direct flights between their countries, and launch cooperation initiatives across a broad range of sectors, including health, business, technology, education, security, and agriculture. This is a truly historic day, he said.
Observing that there have been two peace agreements with Israel in the last 72 years, Trump said that this is now the second peace agreement that he has announced in the last month. And I am very hopeful that there will be more to follow, he said, adding that there's tremendous enthusiasm on behalf of other countries to also join.
And we think, ultimately, you'll have most countries join, and you're going to have the Palestinians in a very good position. They want to come in -- they're going to want to come in because all of their friends are in. But we have tremendous enthusiasm for coming into the deal, he said.
As more countries normalise relations with Israel -- which will happen quite quickly, we believe -- the region will become more and more stable, secure, and prosperous, Trump said.
Trump's special advisor and son-in-law Jarred Kushner played a key role in securing both the agreements in the Middle East, which is expected to play an important role having a lasting peace in the region.
What President Trump has done here is unthinkable. He's brought people in the Middle East together. There's been these barriers that have existed that have led to so much instability, so much war, so much loss, so much hopelessness. And we're seeing so much hopefulness now coming, he told reporters in the Oval Office of the White House.
The US Ambassador to Israel, David Friedman, said that Trump's policy of peace through strength has changed the world profoundly for the better.
Later in a conference call with reporters, Kushner said that this deal will bring these countries closer together. It took Israel 72 years to form the first two peace agreements with Jordan and Egypt. "And then, in the last 29 days, we now have two more peace agreements, which shows that the region is really changing, he said.
About two weeks ago, he took the first commercial flight between Israel and the United Arab Emirates. That flight flew over Saudi Arabia's airspace, which they waived after 72 years. And they said that other commercial flights can take that route as well. The UAE just removed their 48-year boycott of Israel, he noted.
Referring to the two back-to-back agreements, Kushner described this as the beginning of a new Middle East. Trump has really secured alliances and partners in trying to pursue that, he added.
Kushner announced that Bahrain will be sending its foreign minister for the signing of the agreement between the UAE and Israel at the White House next week.
Describing this as a historic agreement, Secretary of State Mike Pompeo said that as the President has kept the promise that he laid out at the beginning of this Administration that he would strengthen America's friendships and build new partnerships in pursuit of peace.
The two peace agreements open new possibilities for peace and prosperity. From my recent travels to the region, there is clear momentum for a new Middle East. I thank King Hamad and Prime Minister Netanyahu for having the courage to change the fate of nations, he said.
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Gold declines Rs 1,700 to Rs 1.35 lakh/10g; snaps 4-day record rally
New Delhi (PTI): Snapping the four-day record rally, gold prices declined by Rs 1,700 to Rs 1,35,900 per 10 grams in the national capital on Tuesday as investors booked profits amid weak global cues, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams on Monday. The metal rose by Rs 6,000 over the previous four days, trading at record highs.
"Gold prices witnessed profit booking and remained volatile, with the yellow metal slipping towards the USD 4,275 level in global markets and staying under pressure," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Echoing sentiments, Dilip Parmar, Research Analyst, HDFC Securities, said, "Domestic gold prices also softened, curtailing a four-day advance. These losses were, however, notably mitigated by the persistent weakness in the Indian Rupee which quoted at a record low level".
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In the local bullion markets, silver prices also depreciated by Rs 1,000 to Rs 1,98,500 per kilogram (inclusive of all taxes). The white metal had ended flat at Rs 1,99,500 per kg, also its all-time high level, as per the association.
Parmar added that physical jewellery demand is expected to be subdued commensurate with the onset of the inauspicious period, investment demand is forecast to remain robust, a tendency driven by prevailing risk-averse market sentiments.
In the international markets, spot gold snapped a five-day winning streak, declining by USD 27.80, or 0.65 per cent, to USD 4,277.42 per ounce.
"Gold prices experienced a modest decline, easing following five consecutive sessions of appreciation, as market participants strategically positioned themselves ahead of a critical suite of US economic data releases this week," Dilip Parmar said.
These incoming reports are poised to offer significant clarity regarding the Federal Reserve's predilection for implementing further interest-rate cuts, a key macroeconomic catalyst for the non-yielding asset, he added.
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Spot silver also dropped by USD 1.07, or 1.67 per cent, to USD 63.02 per ounce in the overseas markets.
Bullion prices are trading lower as caution prevails ahead of US nonfarm payroll (NFP) data to be released later in the day, which will show NFP figures of both October and November, Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
