Advisers to Pakistan’s military chief, Asim Munir, have reportedly approached US officials with a proposal to construct and operate a port at Pasni on the Arabian Sea, offering Washington a strategic presence in a geopolitically sensitive region. According to the Financial Times, the plan envisages transforming Pasni—a small fishing town—into a hub for transporting Pakistan’s critical minerals, including copper and antimony, essential for batteries, fire-retardant materials, and missile production. The town lies about 100 miles from Iran and 70 miles from Gwadar, where China operates a major port facility. The initiative, which is not official government policy, was reportedly shared with Munir ahead of his White House meeting with President Donald Trump last month. However, a senior Trump administration official clarified that the proposal had not reached the president or his advisers for discussion. The port plan forms part of a broader push by Pakistani officials to strengthen ties with the Trump administration. Other initiatives include collaboration on a Trump-backed cryptocurrency project, deeper cooperation against the Afghanistan-based militant group Isis-K, support for his Gaza peace plan, and access to critical minerals. US and Pakistani diplomats have described the relationship between Munir and Trump as “a bromance” since the president claimed credit in May for brokering a ceasefire between Pakistan and India. Over the summer, US-India relations have cooled, while Munir and Prime Minister Shehbaz Sharif publicly thanked Trump and even nominated him for the Nobel Peace Prize. Following their recent meeting, the White House released photographs showing Munir and Sharif presenting Trump with mineral samples. The Pasni port blueprint includes a railway to transport minerals from Pakistan’s interior, connecting to mines such as Reko Diq, developed by Canada’s Barrick Mining. The project’s estimated cost is $1.2 billion, with proposed funding from a mix of Pakistani federal and US-backed development finance. Supporters say the plan would diversify Pakistan’s strategic options while balancing relations with China, the US, Iran, and Saudi Arabia, following a recent security pact with Riyadh. The blueprint stated, “Pasni’s proximity to Iran and Central Asia enhances US options for trade and security. Engagement at Pasni would counterbalance Gwadar and expand US influence in the Arabian Sea and Central Asia.” It also flagged potential dual-use concerns at China’s Gwadar port under the Belt and Road Initiative, alluding to fears it could serve as a naval base, a claim denied by Islamabad and Beijing. The plan specifies no “direct basing,” meaning the port would not host US military installations. Pakistan has historically been a close US ally, first during the Cold War and then after the 9/11 attacks, but relations frayed due to Islamabad’s support for the Taliban in Afghanistan. One adviser, quoted by FT, said, “I’ve been telling our leaders we need to diversify from China. We don’t need to consult the Chinese as it’s outside the Gwadar concession.” Missouri-based US Strategic Metals (USSM) has shown early interest, signing a memorandum of understanding in September with Pakistan’s military engineering corps. USSM commercial director Mike Hollomon said, “In our conversations with the field marshal, he stressed that Pakistan has been an ally of the US for a long time and minerals is a way to rekindle a dormant friendship.” Late last month, Pakistan shipped a small first consignment of fewer than two tonnes of critical minerals, including copper, antimony, and neodymium, to USSM. The minerals sector currently accounts for about 3 per cent of Pakistan’s GDP, with large untapped reserves in insurgency-hit western provinces. Hussain Abidi, chair of the Pakistan Council of Scientific and Industrial Research, described the initiative as, “This is a reset with America through economic ties rather than just the traditional security ties.”

NEW DELHI: Gold demand this Dussehra witnessed a significant decline, with sales falling 25% to 18 tonnes compared to 24 tonnes during the same festival last year, according to the India Bullion & Jewellers Association (IBJA).“Last year Dussehra was a better one as the volume of gold sold was 24 tonnes. This year, the prices have remained at Rs 1.16 lakh per 10 gm on Dussehra, which has dented the demand,” said Surendra Mehta, national secretary of IBJA, as quoted by ET.In terms of value, however, sales rose by around 30-35%, reflecting the higher bullion prices. On Dussehra, celebrated Thursday, gold was priced at Rs 1.16 lakh per 10 gm—a sharp increase from Rs 78,000 per 10 gm the previous year. Buyers also pay 3% GST on gold, along with making charges ranging between 15-30%, depending on design intricacy.Despite reduced sales, many customers are already placing orders for Dhanteras, Diwali, and the upcoming wedding season, expecting that prices are unlikely to drop anytime soon.Gold continues to hold cultural significance, as it is traditionally bought on Dussehra to bring good luck, prosperity, and success. Retail rates on Friday were recorded at Rs 1,16,883 per 10 gm, excluding GST.

Coins and lightweight jewellery gain popularity

Jewellers reported that demand for gold and silver coins remained strong this Dussehra. Coins of 5 gm gold and 20 gm silver were particularly popular among investors.“Investment demand for gold and silver bars remains robust, and customers are making purchases despite price movements. Bullion continues to do well, while bangles, necklaces, and diamond jewellery are showing encouraging momentum,” said Saurabh Gadgil, MD of PNG Jewellers, Pune, as quoted by ET.Lightweight jewellery also saw strong bookings, while old gold exchanges continued to sustain sales, contributing approximately 50-55% of total purchases.In central India, wedding jewellery including diamonds, lightweight, and polki designs performed well.“Wedding jewellery from diamonds to lightweight and polki designs is also performing well, setting a very positive tone for the festive season. Despite higher gold prices, sentiment remains strong,” said Vikas Kataria, promoter of D.P. Abhushan, Madhya Pradesh.In contrast, South India recorded comparatively slower gold sales, with many opting for gold bars to be converted into jewellery later.“Gold bars of 10 gm to 20 gm are selling more. We are also trying to push diamond jewellery in 18 karat, 14 karat and 9 karat, but customers are leaning more towards gold jewellery. Old gold exchange has gone up to 55-60% this Dussehra,” said Varghese Alukkas, MD of Jos Alukkas, which operates 63 stores across five South Indian states, reported ET.

The US Treasury is considering a $1 coin featuring President Donald Trump to mark the country’s 250th anniversary, a Treasury spokesperson said on Friday. In a post on X, Treasurer Brandon Beach shared a coin draft and said that the first drafts, photos shared by a user on X, honor America’s 250th Birthday. “No fake news here. These first drafts honoring America’s 250th Birthday and @POTUS are real. Looking forward to sharing more soon, once the obstructionist shutdown of the United States government is over,” Beach said. The draft design of the coin, which was overseen by the Office of the US Treasurer Brandon Beach, features Trump’s profile on one side of the coin. The opposite side depicts Trump with a clenched fist in front of an American flag alongside the words “FIGHT, FIGHT, FIGHT.” “Despite the radical left’s forced shutdown of our government, the facts are clear: Under the historic leadership of President Donald J. Trump, our nation is entering its 250th anniversary stronger, more prosperous, and better than ever before,” a Treasury Department spokesperson said in a statement. “While a final $1 dollar coin design has not yet been selected to commemorate the United States’ semiquincentennial, this first draft reflects well the enduring spirit of our country and democracy, even in the face of immense obstacles.” In 2020, Congress passed bipartisan legislation, signed by Trump during his first term, that authorises the Treasury Secretary to issue one-dollar coins during the 2026 calendar year. The design of those coins must be “emblematic of the United States semiquincentennial.” Beach, who supervises the US Mint, said in a post on X Friday that the administration would share “more soon, once the obstructionist shutdown of the United States govt is over.” Living people are rarely featured on US money. Congress has imposed various restrictions on the ability of Treasury to feature living people and living presidents on currency. It’s not clear whether the latest Trump coin envisioned by the Treasury Department would run afoul of those laws.