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Just as India gears up to celebrate Dhanteras tomorrow, in some good news for Indians, <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> today witnessed a dip of about Rs 10, with 24-carat gold currently valued at Rs 8,045.3/gram and 22-carat gold at Rs 7,376.3/gram. As per the <keyword id="23632186" type="General" weightage="20" keywordseo="All-India-Sarafa-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Sarafa Association" meta.hostid="261" meta.entityid="All India Sarafa Association">All India Sarafa Association</keyword>, gold prices fell by Rs 400 to Rs 81,100/10 grams in Delhi today. However, silver remained flat at Rs 99,500 per kg. Meanwhile, gold of 99.55 purity declined Rs 400 to Rs 80,700 per 10 grams on Monday. The value of gold as a symbol of wealth and prosperity in our culture is no secret, which is why Indians look forward to buying it on auspicious, festive occasions like Dhanteras. Moreover, with the wedding season setting in, the demand for gold is only set to increase in the months to come. At 24%, the yellow metal's annual return in 2024 has been nothing less than glittering. Compare this with the 14.88% returns gold delivered in 2023. The last time gold returns skyrocketed was at the peak of the pandemic, i.e., in 2019-2020, when gold's annual yields were at 24.45% and 28.24%, respectively. In 2024, gold's demand as a safe investment avenue has only skyrocketed. <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">Geopolitical tensions</keyword> and inflationary pressures have pushed not just individual investors but even central banks to make a beeline for the yellow metal. During the second half of this year, India's RBI and Poland's National Bank were among the largest buyers of gold. Per a report by <keyword id="20046776" type="General" weightage="20" keywordseo="Religare-Broking" source="keywords" meta.keywordsubtype="org" meta.entityname="Religare Broking" meta.hostid="261" meta.entityid="Religare Broking">Religare Broking</keyword>, global official reserves of gold burgeoned by 290 metric tons during the first quarter of 2024. The momentum continued well into the second quarter as well, with global central bank gold purchases jumping by 6% to 183 tons during this period. "We continue to believe that gold has further upside potential wherein any dips could present buying opportunities. According to our recent quarterly report, a correction of 5-7% is plausible and could serve as an accumulation zone," note experts at Motilal Oswal Financial Services. <h2>Returns-wise, how has gold performed?</h2> Data from CapitalMind PMS suggests that between 2000 and 2024, gold has outperformed Nifty and silver in about 7 years. Nifty has been a clear winner overall, outpacing gold and silver in 12 out of 25 years in review. Silver only managed to inch past gold and Nifty in just 6 years. Per data, gold returns peaked at 29.9% in 2011, largely on the back of global financial uncertainty. Years where gold has delivered 20%+ returns <table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Gold Returns (in %) </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Nifty Returns (in%) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2002 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">24.1 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">5.3 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2008 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">24.5 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">-51.3 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2009 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">24.9 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">77.5 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2010 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">21.7 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">19.2 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2011 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">29.9 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">-23.8 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2019 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">22.9 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">13.5 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">2020 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">27 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">16.1 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: CapitalMind PMS Not just in India, gold has delivered returns exceeding domestic equity markets in most emerging countries like Turkey and Argentina. Per the DSP Netra October report, over the last 26 years, equity markets in Turkey have delivered 21.2% returns, as opposed to gold, which has generated 29.3% returns during the same period. Similarly, in Argentina, equity markets have delivered 38.4% returns, while gold saw 44.3% returns in the same time frame. <h2>Stay put for Silver</h2> However, if experts at Motilal Oswal Financial Services are to be believed, the performance of silver could either match or outperform gold in the medium to long term, as <keyword id="20762025" type="General" weightage="20" keywordseo="silver-prices" source="keywords">silver prices</keyword> are expected to reach Rs 1,25,000 per kilogram on the Multi Commodity Exchange (MCX) and USD 40 per ounce on the COMEX within the next 12 to 15 months. In fact, even the YTD (yield to date) for silver is higher at 31.1% as compared to gold, which stands at 22.6%. However, do not go overboard with silver allocation in your portfolio.

Ahead of Dhanteras 2024, how has gold glittered so far this year?

<ul class="summary-list"><li>The oil market could see a supply crunch, Goldman Sachs said.</li><li>Oil demand will rise for another 10 years, though producers are pulling back on new investment.</li></ul>The global oil market could run into a supply shortage as peak demand is still a decade away, according to Goldman Sachs analysts.The investment bank estimated the world's oil demand would continue to rise for at least the next 10 years, with <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/peak-oil-demand-is-still-a-decade-away.html">crude demand peaking at around 110 million barrels</a> a day in 2034. That's due to rising oil demand in Asia and increasing demand for petroleum products, the analysts said.Rising demand could spark a supply shortage, especially if companies continue to dial back on capital expenditures, the bank added. Spending by six major oil producers, including ExxonMobil and Chevron, could fall as much as $3.8 billion this year, according to a survey conducted by <a target="_blank" href="https://www.ogj.com/general-interest/economics-markets/article/55016973/us-ep-companies-capital-spending-to-decrease-in-2024">Oil &amp; Gas Journal</a>."We think peak demand is another decade away, and more importantly, after the decade it takes to peak, it plateaus, rather than sharply declines, for another few years," Nikhil Bhandari, a managing director at Goldman, and Amber Cai, an analyst at the bank, said in a recent report. "While peak oil demand is still a decade away, capital is slowing for the production of crude oil and oil products, contributing to constrained supply in the medium term," they later added.Oil prices slumped at the end of 2023, in part due to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">booming crude production in the US</a> and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-price-cuts-us-crude-production-guyana-2023-12">other countries</a>. But US production is set to see a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-supply-us-production-outlook-slashed-half-prices-could-climb-2024-3">slowdown</a>, with the US Energy Information Agency forecasting domestic <a target="_blank" href="https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf">crude production</a> to grow by just 2% from levels in 2023. Other oil producers are continuing to pull back on production, too. OPEC+, the oil cartel led by Saudi Arabia, has decided to <a target="_blank" href="https://www.opec.org/opec_web/en/press_room/7337.htm">extend its 2.2 million barrel-a-day supply cut</a> into 2025, according to a release from its last meeting.Oil prices have climbed higher over the past month as markets weigh the supply and demand outlook. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> has surged 8% from its low in early June, trading around $84.51 a barrel on Monday.

The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says 

<ul class="summary-list"><li>Global oil supply will rise 8 million barrels per day above projected demand, the IEA said.</li><li>Meanwhile, global demand will plateau and peak before 2030.</li></ul>An overflow of global oil supply will hit the market this decade as world consumption peaks ahead of 2030, the International Energy Agency said in its latest <a target="_blank" href="https://www.iea.org/reports/oil-2024">report</a>.Supply is expected to blow past projected demand starting in 2025, rising to a "staggering" 8 million barrels per day above the projected demand of 105.4 million barrels per day, the group said. "World oil production capacity, led higher by the United States and other producers in the Americas, is forecast to outstrip demand growth over the 2023-2030 forecast and, barring the Covid pandemic period, inflate the world's spare capacity cushion to unprecedented levels," the report said.This massive oil production buffer will likely bring about lower oil prices worldwide, an unwelcome prospect for major producers in both the US and the OPEC+ group, the IEA said. While OPEC and its allies are already suspending curtailing output, the reaction of the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">US shale industry</a> may have wide-ranging consequences.For consumers, demand will plateau at 105.6 million barrels per day by 2029, around 4% higher than last year's levels.While emerging economies in Asia will help support consumption, the story is different for advanced regions; demand will continue a "decades-long decline," falling to its lowest level since 1991 by the decade's end.<div type="image" title="World oil demand forecast to plateau this decade" height="566" width="1034" msid="110945749" hostid="261" sizebytes="30310"></div>"As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China's economy shifts, growth in global oil demand is slowing down and set to reach its peak by 2030," <a target="_blank" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">said</a> IEA Executive Director Fatih Birol. This year, we expect demand to rise by around 1 million barrels per day."The IEA has been broadcasting its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-iea-energy-prices-barrels-gas-coal-climate-2023-9?utm_medium=ingest&amp;utm_source=markets">projections of a coming end</a> to the fossil fuel era since last year, when it first said a peak in demand was near.That's not a view shared by those in the industry, and many commodity experts have since disagreed with the agency's outlook. Some of the biggest pushback came from OPEC itself, with chief Haitham Al Ghais noting that peak demand warnings have been <a target="_blank" href="https://markets.businessinsider.com/news/commodities/peak-oil-theories-iea-opec-al-ghais-crude-demand-supply-2024-1">repeated since the 1880s</a> — and have yet to manifest.

Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

<ul class="summary-list"><li>Two Swiss luxury watchmakers have sought state support to avoid job cuts. </li><li>Sowind Group, which owns both brands, has put about 15% of its 320 employees on furlough. </li></ul>Swiss luxury watchmakers have said they are seeking state support to help cope with a drop in demand.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-04/swiss-watchmakers-including-girard-perregaux-seek-state-aid-amid-downturn?utm_source=google&amp;utm_medium=bd&amp;utm_campaign=HP&amp;cmpId=GP.HP">Bloomberg reported</a> that Girard-Perregaux and Ulysse Nardin, owned by Sowind Group, are the first brands to confirm that they've turned to the government for financial aid.Under the Swiss short-time work program, the state will pay up to 80% of workers' salaries directly to the company to cover cut hours. The benefit aims to prevent permanent job cuts.Sowind Group's CEO and chairman, Patrick Pruniaux, has placed about 15% of its 320 employees on the state program, according to Bloomberg.The luxury watch market has been struggling since its pandemic boom.Swiss-based Swatch, which owns the watch brands Longines, Omega, and Tissot, saw its net sales drop by 14.3% in the first half of the year. Meanwhile, luxury watch sales fell 13% at fellow Swiss luxury giant Richemont in its most recent quarter. Both companies have grappled with a sharp decline in demand from China. Plunging demand for luxury watches has also been troubling the secondary market.Between January 2021 and March 2022, secondhand luxury watch prices spiked as <a target="_blank" href="https://www.businessinsider.com/rolex-ceo-watches-not-investments-dangerous-wrong-message-dufour-2024-4">investors sought to diversify their portfolios</a>.But as the Federal Reserve started raising interest rates in March 2022, demand for expensive, high-end items like watches and jewelry fell.Data from WatchCharts Overall Market Index — which tracks the cost of 60 secondary market watches taken from the top 10 luxury watch brands — showed that as of September 2024, luxury watch prices have fallen by nearly 40% since their peak in 2022.It's not just the luxury watch market. High-end fashion companies, including <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">Burberry and Gucci,</a> have also reported slumping sales in China.

Luxury watchmakers resort to state aid as demand falls 

Global <keyword id="19978688" type="General" weightage="100" keywordseo="gold-demand" source="keywords">gold demand</keyword> in Q2 2024, excluding over-the-counter (OTC) transactions declined by 6% year-on-year to 929 tonnes, primarily due to a sharp fall in jewelry consumption, according to the latest report of the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. However, when including <keyword id="22654356" type="General" weightage="20" keywordseo="OTC-investment" source="keywords">OTC investment</keyword>, total gold demand increased by 4% YoY to 1,258 tonnes, marking the highest Q2 figure since data collection began in 2000. The record-high <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> took a significant toll on jewelry consumption. Volumes fell 19% YoY to 391 tonnes, the lowest in four years. The report reveals a mixed picture for the Indian market in the second quarter of 2024. While overall gold demand showed a modest increase due to investment in OTC markets and central bank purchases, India witnessed trends that reflect broader market shifts. This decline reflects the impact of elevated gold prices on consumer purchasing behaviour, particularly in markets sensitive to price fluctuations, including India. <keyword id="19946830" type="General" weightage="20" keywordseo="central-banks" source="keywords">Central banks</keyword> continued to be significant players in the gold market, with net gold buying increasing by 6% YoY to 184 tonnes. This rise is attributed to the need for portfolio protection and diversification in a volatile economic environment. In June alone, central banks reported net purchases of 12 tonnes, with key contributors including the Central Bank of Uzbekistan and the Reserve Bank of India, both adding 9 tonnes to their reserves. The Monetary Authority of Singapore was noted as the largest seller, offloading 12 tonnes in the same month. The LBMA (PM) gold price averaged a record $ 2,338 per ounce in Q2 2024, up 18% YoY and 13% QoQ. Gold prices peaked at a new high of $2,427 per ounce in May. This environment drove significant investment and production trends, with total gold supply growing by 4% YoY to 1,258 tonnes. Mine production reached a record 929 tonnes for a second quarter, while recycling supply was the highest since 2012, reflecting the response to rising prices. OTC investment was a major component of the Q2 total gold demand, amounting to 329 tonnes. This, along with continued central bank buying, contributed to pushing gold prices to record highs during the quarter. Despite a minor 7-tonne decline in global gold <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> holdings in Q2, this was an improvement compared to the 21-tonne drop in Q2 2023. The decline in ETF holdings was followed by early outflows and nascent inflows later in the quarter. Retail bar and coin investment experienced a 5% decline to 261 tonnes, mainly due to weakened demand from Western markets. Conversely, gold used in technology saw an 11% YoY increase, driven by the continued growth in <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) applications. <keyword id="21088407" type="General" weightage="20" keywordseo="investment-trends" source="keywords">Investment trends</keyword> continued to diverge regionally. Eastern markets exhibited robust demand for bars, coins, and ETFs, while Western markets saw marked declines. However, Western ETF investment flows have shown signs of recovery in early Q3 2024. Looking ahead to the full year of 2024, it is expected that revived Western investment flows will help balance out weaker consumer demand, and potentially slower central bank buying, compared to 2023.

Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

<keyword id="20503776" type="General" weightage="100" keywordseo="rental-income" source="keywords">Rental income</keyword> in major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> has risen by 14.6% every year, and a meager 2.6% on a quarterly basis, said a recent report by Magicbricks, a <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> platform. Explaining the rental income dynamics, Abhishek Bhadra, Head of Research, Magicbricks, noted that with economic activity peaking, they anticipate continued growth in both <keyword id="21466032" type="General" weightage="20" keywordseo="rental-demand" source="keywords">rental demand</keyword> and rents in the short to medium term. "Additionally, the supply of rental units is expected to improve as the stock of under-construction properties nears completion. Overall, the current landscape presents a promising opportunity for landlords and investors, encouraging greater participation in the <keyword id="20052080" type="General" weightage="20" keywordseo="rental-market" source="keywords">rental market</keyword>," said the Head of Research. Rental income is a major source of earning for millions of Indians. <keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword> saw 6.2 % jump quarterly, while Hyderabad (4.2%), and Ahmedabad (4%) exhibited the most significant increase in average rents. In Navi Mumbai, the average rent increased from Rs 28.99 per square feet (psf) per month in Jan-Mar 2024 to Rs 30.78 psf per month in Apr-Jun 2024. Similarly, average rents in Hyderabad increased from Rs 22.01 psf to Rs 22.93 psf per month, while in Ahmedabad, rents rose from Rs 17.25 psf to Rs 17.94 psf per month. The report observed a significant 14.8% quarterly increase in rental demand during this period, following a 16% quarterly increase in the previous quarter. However, the report asserted that the supply has decreased by 2.2% quarterly across the cities due to high absorption rates, leading to a rise in rents. The highest rents are in cities of Mumbai (Rs 82.28 psf) per month, Delhi (Rs 33.72 psf) per month and <keyword id="19919131" type="General" weightage="20" keywordseo="thane" source="keywords">Thane</keyword> (Rs 29.84 psf) per month. The <keyword id="22641758" type="General" weightage="20" keywordseo="Magicbricks-report" source="keywords">Magicbricks report</keyword> further observed that average rents in Greater Noida is Rs 14.52 psf per month, Rs 20.10 psf per month in Noida and Rs 28 psf per month in Bengaluru. With high rental demand and rents, <keyword id="19951618" type="General" weightage="20" keywordseo="residential-real-estate" source="keywords">residential real estate</keyword> continues to be a lucrative investment market. While across the top 13 cities, the average rental yield is 3.6%, investments in Ahmedabad, Pune and Kolkata demonstrated the highest rental yields (3.8%), observed the report.

Rental income in key Indian cities spiked over 14%, says Magicbricks report

<ul class="summary-list"><li>Bank of America forecasts the growth rate for oil demand to slow in the coming years.</li><li>Energy technology is becoming more efficient, which will temper total oil usage.</li></ul>Oil demand will still increase in the coming years, but thanks to things like improving technology and the switch to alternative fuel sources, the rate of growth has likely peaked, Bank of America said in a note this week. Analysts led by commodity strategist Francisco Blanch forecasted that global oil demand should increase at a slower pace leading up to 2030 following the sharp rebound from pandemic lows. Growth should continue more prominently in industries that are difficult to decarbonize, such as airlines, chemical companies, and marine transportation, in the firm's view. However, developments among the 38 OECD nations including increased efficiencies, aging populations, and softer income growth should help counteract that. In the third quarter of 2023, global oil demand hit a record of about 103 million barrels a day, up from the severe contraction seen in 2020 of 92 million barrels a day.For the next six years, BofA expects a net growth of roughly 3.7 million barrels a day."[A]t 600k b/d YoY on average, oil demand growth into the end of the decade should be a fraction of the rate observed in the past three years," Blanch and his team wrote.<div type="image" title="Bank of America global oil growth rate outlook" height="914" width="947" msid="107467624" hostid="261" sizebytes="44778"></div>Bank of America forecasts oil consumption in China to peak near 2030 amid its electric-vehicle boom. The firm also said India will remain the fastest-growing major petroleum market. The backdrop of slowing global economic growth will also factor into the weakening growth rate for oil demand.Developed economies including the US and some European and Asian nations are poised to lead the way with substitutions, as well as demographic challenges to continued growth in oil demand. "At any rate, the final destination towards net zero emissions does not change, as renewable energy prices drop to become competitive with thermal fuel alternatives," Blanch said."Following a 2.3mn b/d or 2.3% expansion in 2023, oil consumption will likely continue to grow into 2030, but the rate of oil demand growth has likely peaked for good."

The rate of oil demand growth has peaked 'for good,' Bank of America says

<ul class="summary-list"><li>The world is "far off" from peak oil consumption amid strong demand, OPEC's secretary general said, per Bloomberg.</li><li>Countries like China and India are driving that demand, with the latter showing "phenomenal economic growth," he said.</li></ul>Peak oil consumption won't be a conversation we'll have for a long time, according to OPEC's Secretary General.At the World Governments Summit in Dubai on Tuesday, Haitham Al Ghais told a panel that oil demand is quite strong, pushing off talk of a peak, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-13/opec-chief-says-robust-oil-demand-makes-peak-look-far-out?srnd=markets-vp">reported</a>."I think talking about peak oil demand is probably something way far out," he said.For Al Ghais, the robust oil demand is expected to come from the East, with India generating "phenomenal economic growth" and China demand staying strong. The International Energy Agency has forecasted that <a href="https://markets.businessinsider.com/news/commodities/india-china-oil-market-outlook-supply-demand-economy-crash-iea-2024-2">India will be the main driver of global oil demand growth</a> for the next seven years, accounting for a third — or about 1.2 million barrels a day — of the projected increase in global oil consumption.Oil demand has rebounded from pandemic lows amid a resurgence in transport fuels too.Amid all the strong oil demand, OPEC has stuck with their oil production cuts — but it hasn't tipped markets into an under-supply because of <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-saudi-arabia-opec-production-us-share-crude-supply-2023-12">boom-time US oil production</a> and non-OPEC nations that have <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-cuts-saudi-arabia-us-crude-supply-2023-12">filled the vacuum of supply</a> to meet oil demand."We're seeing good production coming out of Guyana, out of Brazil, Canada," Al Ghais said.The stunning output from non-OPEC countries has actually caused markets to become over-supplied, weighing on global oil prices that OPEC was determined to lift by engineering a supply crunch.JPMorgan's top energy strategist recently echoed Al Ghais' view, saying we <a href="https://markets.businessinsider.com/news/commodities/global-oil-demand-peak-outlook-opec-energy-prices-gas-coal-2023-12">won't see peak oil demand in our lifetime</a>. But not everyone agrees. Organizations like the International Energy Agency have said peak oil demand come come <a href="https://markets.businessinsider.com/news/commodities/oil-demand-outlook-coal-natural-gas-peak-clean-energy-transition-2023-10">in the next several years</a>.Brent crude prices are at $82.44 a barrel, far off highs of $97 a barrel in September last year.While the glut of supply has flooded the market in the past year, Occidental's CEO Vicki Hollub recently said the oil market will face a <a href="https://www.cnbc.com/2024/02/05/oil-market-will-face-supply-shortage-by-end-of-2025-occidental-ceo-says.html">shortage</a> by the end of 2025 as <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-brent-crude-prices-forecast-production-supply-demand-occidental-2024-2">demand outmatches output.</a>

The world is 'far off' from peak oil amid strong demand, OPEC chief says

<ul class="summary-list"><li>Employment for software developers has dipped from pre-pandemic levels.</li><li>Landing high-paying tech jobs could take longer.</li></ul>You're not going to be able to write a few lines of code to solve this problem.A new <a target="_blank" href="https://www.adpri.org/the-rise-and-fall-of-the-software-developer/">ADP Research Institute</a> report shows employment for <a target="_blank" href="https://www.businessinsider.com/how-i-landed-a-tech-job-earning-150000-without-a-degree-2022-3">software developers</a> has declined from January 2018. Data elsewhere show fewer opportunities for people to fill software development and <a target="_blank" href="https://www.businessinsider.com/landing-job-career-big-tech-interview-amazon-meta-google-apple-2024-5">tech roles</a> after the US labor market is no longer as hot as it was a few years ago."The tech job market has undeniably slowed since the end of 2022, cooling after a few years of rapid hiring during the pandemic recovery," Daniel Zhao, Glassdoor's lead economist, said in a written statement. "Rising <a target="_blank" href="https://www.businessinsider.com/interest-rate-hikes-cuts-fed-policy-outlook-kashkari-inflation-target-2024-5">interest rates</a>, the end of pandemic-era trends and a slowing economy overall has crimped demand for tech workers.""That being said, employment in the tech sector has fallen less than 2% since its peak in December 2022 and is still 21% higher than March 2020," Zhao said.Nela Richardson, ADP's chief economist, told Business Insider that the software developer isn't "an out-of-date occupation," but it could take longer to land work given it has "become a very efficient occupation" where fewer workers are likely needed."You may not, as a young tech worker in this industry, get recruited straight away out of university or learn straight away from your first job, or that there may have to be a little bit more grinding, a little bit more of a normal labor market in terms of new hires," she said.The change in software developer employment could partly be attributed to changes in consumer spending during the pandemic. "There was a slowdown in software developer hires in 2020, and then we had a couple bounce backs, and I think that's reflective of how the pandemic really spurred this increase into digital service offerings," Richardson said.Job-search platform Indeed has its own running index of job postings for the software development sector. Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told BI, "it's unlikely we'll see levels of demand like we saw in '21, in '22 for software development anytime soon."Still, Bunker said demand for these jobs is healthy, and these are still well-paying gigs. According to the <a target="_blank" href="https://www.bls.gov/oes/current/oes151252.htm">Bureau of Labor Statistics</a>, the median annual wage for software developers was $132,270."The depressed state of postings for software development jobs could be a possibly cyclical story or short-term story," Bunker said. "Maybe this is just interest rates are still very high, and a lot of employers are looking to be very cautious when it comes to hiring because a lot of those firms overhired in '21, and maybe they're just being very patient now."<h2 id="077ceaa5-2089-4556-9f27-290c963e7db0">Challenges for experienced workers seeking a better-paying gig and for new graduates</h2>Zhao also noted "weak" sentiment in the tech sector and noted this could be because "waves of new graduates have been racing to enter the tech industry over the last decade as tech employers have offered high pay for newly minted software developers."Zhao said, "even for experienced software developers at the top of the market, the issue may not be difficulty finding a job at all, but rather difficulty finding a job that pays as well as their previous one. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago."Data from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers."There was a 29% decline in software developer/engineer jobs created" on the Handshake network when comparing the period between June 2023 and May 2024 to the year before, Randy Tarnowski, senior manager of research and education insights at Handshake, said in a statement.Tarnowski said that software engineering roles "received a large share of 2024 computer science graduates' applications," but the share of applications has fallen by a few percentage points from the class of 2023."Instead of software engineering roles, the class of 2024 computer science grads are submitting more of their applications to other roles, including data science and analysts, computer hardware, information security, computer systems engineering, and financial and investment analysts roles," Tarnowski said.For people making job decisions amid the strong but cooler job market, Bunker suggested thinking about long-term prospects instead of simply how demand is looking at the moment.That is, a sector might not be "as flashy" or offer as great of compensation as it had been. However, Bunker added some of the "shine might have come off some of these jobs, but they're still well paying and have a good long-term outlook."Have you made a career change from or to software development or another tech job? Reach out to this reporter to share at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

Bad news for coders: The US is past peak software developer

<ul class="summary-list"><li>Meta CEO Mark Zuckerberg has promised that AI will revolutionize the company's ad services.</li><li>But Meta's use of AI for moderating ads may already be putting the company in hot water.</li></ul>During July's earnings call, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg">Meta CEO Mark Zuckerberg</a> laid out a vision for his company's valuable ad services once they are further bolstered by artificial intelligence."In the coming years," he said, "AI will be able to generate creative for advertisers as well and will also be able to personalize it as people see it."But as the trillion-dollar company hopes to revolutionize its ad tech, <a target="_blank" class="" href="https://www.businessinsider.com/meta-earnings-mark-zuckerberg-ai-spending-tech-investors-stock-2024-4">Meta's usage of AI</a> may already have put the company in the hot seat.On Thursday, a bipartisan group of lawmakers, led by Republican Rep. Tim Walberg of Michigan and Democratic Rep. Kathy Castor of Florida, sent a <a target="_blank" class="" href="https://walberg.house.gov/sites/evo-subsites/walberg.house.gov/files/evo-media-document/Congressional%20Letter%20to%20Meta%20-%20Illicit%20Drug%20Advertising.pdf">letter</a> to Zuckerberg demanding the CEO answer questions about Meta's advertising services.The letter comes in light of a March <a target="_blank" href="https://www.wsj.com/tech/u-s-is-investigating-meta-for-role-in-drug-sales-574944cb?mod=Searchresults_pos4&amp;page=1">Wall Street Journal</a> report that revealed how federal prosecutors are probing the company for its role in the illicit sale of drugs on its platforms."Meta appears to have continued to shirk its social responsibility and defy its own community guidelines," the letter said. "Protecting users online, especially children and teenagers, is one of our top priorities. We are continuously concerned that Meta is not up to the task and this dereliction of duty needs to be addressed."Zuckerberg already faced senators who grilled the CEO about <a target="_blank" class="" href="https://www.businessinsider.com/tech-ceos-face-senate-in-hearing-over-child-sexual-exploitation-2024-1">safety measures for children</a> who use Meta's social media sites. During the senate hearing, <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-faced-families-online-child-safety-senate-hearing-2024-1">Zuckerberg stood up and apologized</a> to families who felt that social media use harmed their kids.In July, the <a target="_blank" class="" href="https://www.techtransparencyproject.org/articles/meta-allows-drug-ads-selling-everything-from-opioids-to-cocaine">Tech Transparency Project</a>, a nonprofit watchdog group, reported that Meta continued to make money from hundreds of ads that promoted the sale of illegal or recreational drugs, including cocaine and opioids, which Meta prohibits in its <a target="_blank" class="" href="https://transparency.meta.com/policies/ad-standards/">policy</a> regarding ads."Many of the ads made no secret of their intentions, showing photos of prescription drug bottles, piles of pills and powders, or bricks of cocaine, and encouraging users to place orders," the watchdog group wrote."Our systems are designed to proactively detect and enforce against violating content, and we reject hundreds of thousands of ads for violating our drug policies," a Meta spokesperson told Business Insider, reiterating a statement shared with the Journal. "We continue to invest resources and further improve our enforcement on this kind of content. Our hearts go out to those suffering from the tragic consequences of this epidemic — it requires all of us to work together to stop it."The spokesperson did not address how Meta uses AI to moderate ads.<h2 id="ba53f796-1957-4bf8-ad47-88fce5b82bce">Ads poke holes in Meta's AI system</h2>The exact processes for how Meta approves and moderates ads are not public information.What is known is that the company, in part, relies on artificial intelligence to screen content, as reported by <a target="_blank" href="https://www.wsj.com/tech/meta-cocaine-opioids-ads-dea8e0fc">the Journal</a>. The outlet reported that using photos to display the drugs may allow the ads to slip past Meta's moderation system.Here's what <a target="_blank" class="" href="https://www.facebook.com/business/help/204798856225114?id=649869995454285">Meta</a> has revealed about its "ad review system":The company also said it's continuously working to automate the review process further to rely less on humans.But the revelation of ads promoting drugs on Meta's platforms shows how policy-violating content can still slip through its automated system, even while Zuckerberg paints a picture of a <a target="_blank" href="https://www.businessinsider.com/meta-adds-new-generative-ai-to-advertising-tools-details-2024-5">sophisticated ad service</a> that promises improved targeting and creates content for advertisers with generative AI.<h2 id="9e49470f-e2c3-4a18-991f-08d1db0db08d">Meta's bumpy AI rollout</h2>Meta has experienced a bumpy rollout of its AI-powered services outside ad tech.Less than a year after Meta introduced <a target="_blank" href="https://www.businessinsider.com/meta-ai-chatbots-assistants-tom-brady-mr-beast-kendall-jenner-2023-9">celebrity AI assistants</a>, the company <a target="_blank" href="https://www.businessinsider.com/meta-scraps-kendall-jenner-tom-brady-celebrity-ai-chatbots-2024-8">discontinued the product</a> and focused on allowing users to create their own AI bots.Meta also continues to work out kinks for Meta AI, the company's chatbot and AI assistant, which has been shown to <a target="_blank" class="" href="https://www.businessinsider.com/we-asked-ai-chatbots-about-trump-shooting-chatgpt-meta-claude-2024-7">hallucinate answers</a> or, with BI's Rob Price, <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-tells-strangers-it-owns-my-phone-number-whatsapp-2024-8">act like a user and hand out his phone number</a> to strangers.The technical and ethical issues that pervade AI products — not just Meta's — concern many top US companies.A survey by Arize AI, which conducts research around AI technology, showed that 56% of Fortune 500 companies view AI as a "risk factor," <a target="_blank" class="" href="https://www.ft.com/content/5ee96d38-f55b-4e8a-b5c1-e58ce3d4111f">The Financial Times</a> reported.Sifting by industry, 86% of technology groups, including Salesforce, said that AI presents a business risk, according to the report.Those concerns, however, conflict with tech companies' evident push to implement AI into every corner of their products, even as the <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">path toward profitability also remains murky</a>."There are significant risks involved in developing and deploying AI," Meta said in a 2023 annual report, "and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability."

Meta's use of AI has far from peaked. But the technology may already be getting the company in trouble.

<ul class="summary-list"><li>China's oil demand growth has slowed this year.</li><li>That's due to China's big shift to EVs and natural gas, Goldman Sachs analysts said. </li></ul>Oil demand in China has slowed markedly this year amid the country's shift to electric vehicles and natural gas, Goldman Sachs analysts said.The firm estimates that oil demand growth in the country is down to 200,000 barrels per day for 2024 compared to last year, with overall consumption down by 300,000 barrels a day. The shift from gas-fueled cars to electric and hybrid vehicles alone has reduced demand by 500,000 barrels a day, the analysts said. China's EV sector has expanded rapidly, with three of its biggest electric car makers <a target="_blank" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">hitting record sales in June</a>. A <a target="_blank" href="https://www.businessinsider.com/chinese-ev-makers-outpacing-tesla-in-one-key-area-2024-7">report</a> from last month finds Chinese EV companies are catching up to — and even beating — industry leader Tesla when it comes to innovation.In an earlier report, the analysts predicted the surge in electric and hybrid sales will cause China's road oil consumption to peak in 2025, years ahead of most emerging market economies.The analysts say the oil demand slowdown also indicates broader concerns around China's dependence on manufacturing."While oil data now send a too pessimistic message about China economic activity (fuel switching does not lower GDP), overcapacity highlights the fragility of China's manufacturing bet," the analysts wrote.The oil slowdown comes as China's economy faces a slowdown across the board, with a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1i3p3gk*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNDE3MTUxMi41My4wLjE3MjQxNzE1MTQuNTguMC4w">struggling property sector</a> and <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7?utm_medium=ingest&amp;utm_source=markets">weak consumer sentiment</a>.On Monday, the country's two main stock exchanges <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-sentiment-indicator-flows-foreign-investors-china-economy-2024-8#:~:text=China's%20economy%20is%20facing%20headwinds,first%20half%20of%20the%20year.">stopped reporting daily data</a> on flows from foreign investors, part of a greater move away from reporting real-time data as the <a target="_blank" href="https://www.businessinsider.com/china-economy-growth-consumer-spending-demand-real-estate-debt-crisis-2024-8">economy remains stuck in a rut</a>.

You Searched For "peak demand" and got 12 results

Ahead of Dhanteras 2024, how has gold glittered so far this year?

Ira Alok Puranik

The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says

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Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

Filip De Mott

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

ANI

Luxury watchmakers resort to state aid as demand falls

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Global gold demand drops 6% in Q2 2024 due to slump in jewelry consumption, OTC investment pushes the total to record high

ANI

Rental income in key Indian cities spiked over 14%, says Magicbricks report

ANI

The rate of oil demand growth has peaked 'for good,' Bank of America says

Phil Rosen

The world is 'far off' from peak oil amid strong demand, OPEC chief says

Aruni Soni

Bad news for coders: The US is past peak software developer

Madison Hoff

Meta's use of AI has far from peaked. But the technology may already be getting the company in trouble.

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China's EVs are fueling a big oil demand slowdown

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