Pakistan PM Sharif Calls for Expansion of China’s Belt and Road Initiative

 Prime Minister Muhammad Shehbaz Sharif receives the Chinese Premier Li Qiang, at the venue of the 23rd Shanghai Cooperation Organization (SCO) on the Council of Heads of Government Meeting in Islamabad, Pakistan October 16, 2024. Press Information Department (PID)/Handout via Reuters
Prime Minister Muhammad Shehbaz Sharif receives the Chinese Premier Li Qiang, at the venue of the 23rd Shanghai Cooperation Organization (SCO) on the Council of Heads of Government Meeting in Islamabad, Pakistan October 16, 2024. Press Information Department (PID)/Handout via Reuters
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Pakistan PM Sharif Calls for Expansion of China’s Belt and Road Initiative

 Prime Minister Muhammad Shehbaz Sharif receives the Chinese Premier Li Qiang, at the venue of the 23rd Shanghai Cooperation Organization (SCO) on the Council of Heads of Government Meeting in Islamabad, Pakistan October 16, 2024. Press Information Department (PID)/Handout via Reuters
Prime Minister Muhammad Shehbaz Sharif receives the Chinese Premier Li Qiang, at the venue of the 23rd Shanghai Cooperation Organization (SCO) on the Council of Heads of Government Meeting in Islamabad, Pakistan October 16, 2024. Press Information Department (PID)/Handout via Reuters

Pakistan's Prime Minister Shehbaz Sharif called on Wednesday for the expansion of China's Belt and Road Initiative (BRI) to enhance regional cooperation.

He was addressing a heads of government meeting of the Shanghai Cooperation Organization (SCO), a Eurasian security and political group formed in 2001, being held in Islamabad and attended by officials from 11 countries, including host Pakistan, China, Russia and India.

"Flagship projects like the Belt and Road Initiative of President Xi Jinping...should be expanded focusing on developing road, rail and digital infrastructure that enhances integration and cooperation across our region," Sharif said in his speech as the chair of the meeting.

The BRI is a $1 trillion plan for global infrastructure and energy networks that China launched a decade ago to connect Asia with Africa and Europe through land and maritime routes. Beijing's rivals see the BRI as a tool for China to spread its geopolitical and economic influence.

Western countries, under the G7 platform, last year announced a $600 billion plans to launch a rival connectivity infrastructure development plan. BRI has also been criticized for increasing unsustainable debt in developing countries.

The China-Pakistan Economic Corridor (CPEC) is a part of the BRI and has seen Beijing pump in billions of dollars into the South Asian country for road networks, a strategic port and an airport.

Sharif said CPEC would also help enhance cooperation, adding that 40 percent of the world's population lived in SCO's 10 full member states.

The SCO meeting is the highest-profile event hosted by the troubled South Asian nation in years. Seven prime ministers are attending, including Chinese Premier Li Qiang.

Sharif also said stability in neighboring Afghanistan, which lies between South and Central Asia, was essential to fully realizing trade opportunities for the SCO member states.

Also in attendance is India' External Affairs Minister Subrahmanyam Jaishankar, who is the first Indian foreign minister to visit Pakistan in nearly a decade with ties between the nuclear-armed rival neighbors continuing to be frosty.



Gold Prices Extend Gains as Equities, Bond Yields Weaken

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Prices Extend Gains as Equities, Bond Yields Weaken

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices extended gains to a second session on Wednesday, driven by weaker equities and bond yields, while traders eagerly await US economic data to gauge the Federal Reserve's timeline on a potential rate reduction.

Spot gold was up 0.5% at $2,675.25 per ounce, as of 1033 GMT, and trading about $10 below a record high of $2,685.42 scaled last month. US gold futures gained 0.5% to $2,691.90, Reuters reported.

"Seems the gold market wants to see a record high, with prices marginally below the late-September record high with support coming from a slightly risk-off environment with equities down," UBS analyst Giovanni Staunovo said.

Safe-haven bullion tends to be a preferred investment in a low interest rate environment and during economic and geopolitical turmoil.

"The uncertainly surrounding US elections and geopolitical tensions will also support gold going forward," said ANZ commodity strategist Soni Kumari.

The benchmark 10-year note yields slipped to more than a one-week low, making non-yielding gold more attractive.

Market participants are keeping a keen eye on US retail sales, industrial production and weekly jobless claims data, due on Thursday.

Gold needs a stronger-than-expected data to change the rate-cut trajectory, but this should still boost investment demand and drive prices to a record high in the coming months, UBS' Staunovo said.

San Francisco Federal Reserve Bank President Mary Daly said the central bank remains on track for more cuts this year as long as data meets expectations.

Delegates at the London Bullion Market Association's annual gathering predicted gold prices would rise to $2,941 over the next 12 months and silver prices would jump to $45 per ounce.

Spot silver firmed 1.1% to $31.83. Platinum rose 0.6% to $990.05 and palladium was up 0.6% to $1,015.75.

The Guangzhou Futures Exchange (GFEX) will launch platinum and palladium futures in Q1 2025, according to the producers' council.