Turkey to support Pakistan on Kashmir: Qureshi
Islamabad, Sep 14 : Pakistan Foreign Minister Shah Mehmood Qureshi on Friday said that Turkey has agreed to support Islamabad's bid for a peaceful resolution of the Kashmir issue at the UN.
Qureshi's comments came at a joint press conference at the Foreign Office with his Turkish counterpart Mevlut Cavusoglu, who is currently in Pakistan on a four-day visit.
"Turkey stands by Pakistan during its tough times... It supported Pakistan against the Financial Action Task Force's decision to place Islamabad on the grey list and wants the best solution for the Kashmir issue," Qureshi was cited as saying by Geo News.
"At the UN conference, there will be a separate conference on Kashmir on the side. It happens every year but it is different this time because a new UN report has come out which sheds light on the (Indian) Kashmir.
"There has certainly been a surge in the interest of people in the human rights abuses that are taking place there," said the Pakistani minister.
Cavusoglu said it was Turkey's wish that the Kashmir issue involving India and Pakistan gets resolved in the UN in a peaceful manner, according to Dawn newspaper.
"In the group that has been formed over Kashmir in the UN, we will stand with Pakistan."
According to Qureshi, Turkey also supported Pakistan's membership in the Nuclear Suppliers Group (NSG).
He said that ways to enhance economic and commercial ties with Turkey were also discussed in his meeting with Cavusoglu.
Later, Cavusoglu called on Pakistan Army chief General Qamar Javed Bajwa.
They discussed bilateral ties, regional security including the evolving situation in the Middle East and the management of defence and security cooperation between both the countries, said the military's media wing, Inter Services Public Relations.
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India's gold demand falls 15 pc in Jan-Mar to 118.1 tonnes on high prices: WGC
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New Delhi (PTI): India's gold demand witnessed a 15 per cent on-year decline to 118.1 tonnes in the January-March quarter of this year, even as value grew by 22 per cent to Rs 94,030 crore due to surging prices, the World Gold Council (WGC) said on Wednesday.
According to the WGC forecast, India's gold demand for 2025 is expected to be between 700-800 tonnes.
Gold prices have risen 25 per cent since the beginning of 2025, approaching the key psychological threshold of Rs 1,00,000 per 10 grams, affecting consumer buying patterns.
"The elevated prices have impacted affordability. Yet, the enduring cultural significance of gold, especially ahead of Akshaya Tritiya and the upcoming wedding season, continues to support buying sentiment," WGC India CEO Sachin Jain said in its quarterly report.
According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya, which holds immense cultural significance in India, traditionally marking a surge in gold purchases.
Record prices have pushed consumers towards smaller, lightweight pieces, with some postponing purchases hoping for price dips. Despite this, wedding-related demand remained relatively stable given its essential nature.
Experts believe, while the current price levels might prompt some to exercise caution, the inherent cultural significance of gold during Akshaya Tritiya, coupled with its enduring status as a reliable asset, suggests continued positive momentum in buying, they added.
Investment demand, however, remained resilient with a 7 per cent rise to 46.7 tonnes, from 43.6 tonnes in the corresponding period.
Moreover, amid financial market uncertainty, gold's role as a safe asset has become more pronounced, and got reflected in a sharp uptick in demand for gold bars and coins.
However, jewellery demand declined by 25 per cent to 71.4 tonnes during the first quarter of 2025 calendar year, from 95.5 tonnes in the year-ago period. This was the lowest volume since 2020, though value was 3 per cent higher year-on-year, according to WGC.
Gold imports rose 8 per cent to 167.4 tonnes in the January-March quarter, while recycling fell 32 per cent to 26 tonnes, as consumers held onto their gold amid record prices.
The average quarterly gold price in the first quarter of this year was Rs 79,633.4 per ten grams, compared to Rs 55,247.2 in Q1 2024.
Meanwhile, global gold demand has increased 1 per cent to 1,206 tonnes in the January-March quarter of 2025 -- the highest first-quarter level since 2019.
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