In the Asian session on Monday, the DOLLAR index fell slightly, while spot gold’s short-term gains accelerated, with gold just breaking through the $1,950 / oz barrier and hitting as high as $19,500.17 / oz. Geopolitical tensions remain supportive for gold prices at the moment, especially as uncertainties remain over China and India. Developments in the U.S., China and India will be in the spotlight this week, with investors braced for fed decisions, Powell’s press conference, economic data and the release of the dreaded U.S. retail sales data expected to set the tone for the week.
New Delhi: The Indian Air Force plans to significantly increase its anti-aircraft radar
The Indian army and the People’s Liberation Army (PLA) have been locked in a standoff near the Line of Actual Control (LAC) in eastern Ladakh since early May. The two sides agreed to disengage at last week’s foreign ministers’ meeting, but it remains to be seen whether the two armies will actually disengage. New Delhi: India plans to build three anti-aircraft radar stations and a multi-purpose airfield in the border state of Uttarakhand, and has deployed a number of soldiers with high-altitude combat expertise to forward positions in the Ladakh region, according to the latest news from the Indian media over the weekend.
The Indian Express reported on the 12 September that the IAF was planning to set up anti-aircraft radars in three border areas in Uttarakhand, including Chamoli, Pithoragarh and Uttarkashi. Iaf has also proposed the development of a new pre-landing site in Uttarakhand to carry out its activities in the mountains of Uttarakhand. The Indian state of Uttarakhand is located in northern India, near the Tibetan region of China.
Air Lieutenant General Rajesh Kumar of the Central Air Force Command met with Uttarakhand Chief Minister Trivendra Singh Rawat in Dehradon last Friday to discuss the land proposals and requests in detail. They have decided that the Indian government and iAF will jointly carry out land work. Mr Kumar has also asked For land from Lavat to expand the airports at Pantnagar, Jolly Grant and Pithoragarh, as well as a new airport at Chaukhutia. He said the installation of radar and runway facilities at appropriate locations in Uttarakhand was critical given the current situation.
The Uttarakhand Government told Kumar that land had been identified at Bhaisoli Village in The Almora district for the establishment of an anti-aircraft radar and that the process of land supply would be accelerated once locations were identified elsewhere.
A senior official told the Indian Express newspaper, “The IAF has made proposals to set up air force radars in three areas and is looking for a suitable location. The land they wanted to land earlier could be used to refuel and load and unload ammunition. The state government is working with them to do the necessary work.”
To prevent further escalation of the Line of Actual Control (LAC) in eastern Ladakh, Indian and Chinese troops on Saturday interacted and discussed withdrawing troops from confrontation points, according to Indian media IANS on Saturday. Brigade commanders from both sides met and intermingled in Chushul between 11am and 3pm local time on Saturday, but the talks were still “inconclusive”, according to reports.
The two countries decided to hold a sixth round of high-level military talks in the coming days. Lieutenant General Harinder Singh, commander of India’s 14th Army, and Major-General Liu Lin, commander of the Southern Xinjiang Military Region, have not met since August 2.
A senior administration official said trust between the two militaries had completely collapsed. China has mobilized thousands of soldiers, tanks and howitzers, and the two sides are close to each other in the Bangong Lake-Chushur area.
India has been beefing up its military defences on the south bank of Lake Banguong in the past few days by sending more troops to frontier positions, according to India Today’s website.
According to India Today, Indian troops with expertise in high-altitude operations have been deployed to forward positions in the so-called ladakh region. Citing sources, India Today said the Indian army had increased its troop and defence presence in the past few days, boosting its military presence on the south and north Banks of Lake Banguong.
An Indian official was quoted as saying the country was maintaining its “highest alert” status. Another official said, “One small trigger could cause the situation to get out of hand.”
India Today reported that shortly after the skirmish on the south bank of The lake on September 7, Chinese troops began a new build-up on the ridge in the finger area on the north bank of the lake. Sources said the PLA’s deployment and activities have increased significantly. In order to distinguish the complex terrain on the northern shore of The Lake, India named the extended ridge as Finger and divided it into regions from Finger 1 to Finger 8.
In a meeting in Moscow on Thursday evening local time, Indian Foreign Minister Sushil Jaishankar and Chinese Foreign Minister Wang Yi stressed India’s “strong concern over the build-up of Chinese troops along the LAC”, NDTV reported on Friday, citing sources.
Indian media said the PLA had deployed about 50,000 people in the confrontation zone and nearly 150 fighter jets in place.
During their meeting, the Chinese and Indian foreign ministers agreed on a five-point plan to resolve the long-standing confrontation in eastern Ladakh, including abiding by all existing border management agreements and protocols, maintaining peace and tranquility, and avoiding any actions that may escalate the situation.
India’s Foreign ministry released a joint statement on Friday that contained five points agreed by the two sides in “frank and constructive” discussions. “The two foreign ministers agreed that the current situation in the border area is not in the interests of both sides,” the statement said. They therefore agreed that the border forces of the two sides should continue their dialogue, quickly disengage, maintain appropriate distance and de-escalate tensions.
Kitco’s latest gold survey on Friday showed a surge in bullish sentiment among retail investors as the metal’s trading range continued to narrow. Retail investor confidence rose to its highest level in a month.
A total of 1,359 people took part in the online survey. Of those surveyed, 926, or 68 per cent, expected gold prices to rise this week. Another 205 (15 per cent) said they expected gold prices to fall, while 228 (17 per cent) were neutral.
“Gold has been very resilient in resisting a correction, rebounding from the support levels and 50-day moving averages that it has maintained since its fall in early August,” said Adrian Day, President and CEO of Adrian Day Asset Management.
Charlie Nedoss, the senior market strategist at LaSalle Futures Group in New York, said while gold looks technically expensive, he is optimistic the price will rebound this week.