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<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul class="summary-list"><li>The Federal Reserve cut interest rates by 25 basis points on Thursday.</li><li>It follows a 50-basis-point cut in September, with the pace of inflation continuing to cool.</li></ul>Another <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">interest rate cut</a> is headed Americans' way.On Thursday, the Federal Open Market Committee announced a 25-basis-point interest rate cut, following a <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">50-basis-point cut</a> in September. It follows continued data showing inflation is nearing the Federal Reserve's 2% target — the consumer price index, a commonly-watched measure of inflation, <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">rose 2.4%</a> over the year in September.This latest interest rate decision also came two days after Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">won the presidential election</a>. Trump is expected to implement high tariffs once his term begins, and members of the FOMC will likely begin discussing the impact of the president-elect's policies on the economy and forthcoming interest rate decisions."A victory for Trump could raise doubts over a December cut, and the Fed may strike a more hawkish note as a result," Matthew Ryan, head of market strategy at financial services firm Ebury, said in a statement last week.Trump's victory also throws into question the future of the Fed itself. Trump has previously said that he would like to <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cut-trump-fed-powell-reaction-independence-history-2024-9">have a say in interest-rate decisions</a>, challenging the politically independent nature of the central bank.Fed chair Jerome Powell will likely offer more insight into the Fed's thinking following Trump's victory. He has expressed confidence in the economy's direction in recent months, saying during remarks in late September that "overall, the economy is in solid shape.""We intend to use our tools to keep it there," he said.However, <a target="_blank" class="" href="https://www.businessinsider.com/october-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-11">recent jobs data</a> will make it difficult for the central bank to give a clear vision of its upcoming decisions. The economy added just 12,000 jobs in October, well below the 106,000 forecast, primarily because Hurricanes Milton and Helene — along with the Boeing strike — put people temporarily out of work, artificially driving down the employment figures.It will take time for Americans to feel the impact of interest rate cuts, given the lag in monetary policy, meaning credit cards, housing, and car loans won't see immediate relief.The 25-basis-point cut was in line with market predictions. Still, some Democratic lawmakers urged the Fed to implement another 50-basis-point cut to give Americans continued financial relief. On November 1, Sens. Elizabeth Warren and John Hickenlooper wrote in a <a target="_blank" class="" href="https://www.warren.senate.gov/imo/media/doc/final_-_warren_hickenlooper_letter_to_fed_renovember2024ratecut.pdf">letter</a> to Powell that housing costs "are still too high," and bigger rate cuts are warranted."If the Fed moves forward with more rate cuts, housing prices and mortgage rates would thus also likely drop, allowing more families to achieve the American dream," they wrote.

The Federal Reserve gives Americans another interest rate cut

<ul class="summary-list"><li>Trump's plan to transform federal land into housing will be costly, given minimal existing infrastructure, UBS says.</li><li>The firm says his homeowner <a target="_blank" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">tax incentives</a>, meanwhile, could boost buyer competition in a supply-limited market.</li></ul>President-elect Donald Trump's plan to make housing more accessible might do anything but, according to UBS analysts.The firm says the plan's proposal to turn federal land into housing and tax incentives for homeownership could unintentionally fuel higher prices, while his other policy proposals could drive up mortgage rates, they say.Trump's plan to transform federal land into more housing seems particularly challenged, the analysts say. With those lands heavily concentrated in rural areas of the western US, there is little existing infrastructure to build, which will make any development costly and therefore unlikely to actually boost supply.His <a target="_blank" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">tax incentives</a> to encourage homeownership, meanwhile, could increase buyer competition amid an already constrained housing supply, driving up home prices in the process."While details are limited, we believe the federal land initiative could be challenged by a lack of existing infrastructure in these generally rural areas, and tax incentives for homeownership could result in the unintended consequence of driving home prices higher in a supply-constrained market," the analysts said in a Thursday note.Trump and Vice President-elect JD Vance have repeatedly pushed back on the notion that they will negatively impact the housing market. From the perspective of prices, they have said that deporting immigrants would <a target="_blank" rel="" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">bring down housing costs</a> by reducing demand for homes.In a <a target="_blank" rel=" nofollow" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">September address</a>, Trump said that Americans shouldn't "ignore the impact" millions of illegal aliens have had on driving up housing costs.Critics — most notably homebuilders — have also said that Trump's immigration plans could <a target="_blank" class="" href="https://www.businessinsider.com/trump-deportations-immigration-homebuilders-remove-construction-workers-spike-costs-2024-11">deplete the home-construction workforce</a>, which would worsen America's ongoing inventory shortage. Vance, meanwhile, has countered that there are ample displaced American workers ready to take those jobs.All the while, homebuyers have faced a steepening housing shortage in recent years. In 2022, the US was short roughly <a target="_blank" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">4.5 million homes</a>, and while the number of US families increased by 1.8 million that year, only 1.4 million housing units were built, according to a recent Zillow report.The UBS analysts say that Trump's plans to deregulate more broadly, with the hopes of that trickling down to housing, is likely overly optimistic."Deregulation at the federal level would arguably have little impact on land bottlenecks that permeate municipalities across the country," they wrote.With those policies likely to fail, the analysts see mortgage rates as the key indicator for how housing will fare under the Trump administration.They say Trump's pro-growth initiatives, like corporate tax cuts, relaxed bank regulation and higher deficit spending, plus higher tariffs and a crackdown on immigration, appear likely to lead to yield curve steepening — driving up rates in the process.The higher rates will likely continue the <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-outlook-mortgage-affordable-homes-high-prices-inventory-rates-2024-3">housing lock-in</a> effect, where existing homeowners prefer to remain locked in at their current lower rates. That means buyers will have fewer options among resold homes, the analysts say.UBS adds that builders will likely still be able to execute even at high rates, and will continue to offer mortgage rate buydowns and build smaller footprint homes to attract cash-strapped buyers, the analysts say.Other reports, though, have cautioned that <a target="_blank" href="https://www.piie.com/sites/default/files/2024-05/pb24-1.pdf">Trump's tariff hikes</a> on materials like steel could make construction more expensive, stalling homebuilding. Builders have also warned his plans for <a target="_blank" href="https://www.businessinsider.com/trump-deportations-immigration-homebuilders-remove-construction-workers-spike-costs-2024-11">mass deportation</a> would eliminate a key part of their labor force, driving up construction costs even more.<a target="_blank" href="https://www.businessinsider.com/why-theres-a-housing-shortage-not-enough-homes-high-prices-2022-5">High building costs</a> have been part of the reason why the US has seen such a supply-challenged market in the first place.Much of the outlook for buyers thus remains on the Federal Reserve's easing path, the analysts say."It remains unclear how the Federal Reserve's progress on taming inflation could serve as an offset if any/all of these proposed initiatives come to fruition, but higher mortgage rates would likely have varying impacts on components of the housing value chain," the analysts said.In prepared remarks on Thursday, Fed Chair <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-federal-reserve-inflation-jerome-powell-interest-rates-2024-10?_gl=1*ccljzj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTY3NzQzNS40MTEuMS4xNzMxNjc4MjQzLjYwLjAuMA..">Jerome Powell</a> said the US is in no hurry to cut rates, signaling that mortgage rates could stay higher for longer.

Trump's plan to build more homes on federal land could push prices higher, UBS says

<div type="image" title="Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!" height="900" width="1200" msid="114507055" hostid="261" sizebytes="439216" caption="&amp;lt;p&amp;gt;Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!&amp;lt;/p&amp;gt;"></div> Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from <keyword id="23657519" type="General" weightage="20" keywordseo="king-midas" source="keywords">King Midas</keyword> to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the <keyword id="6384667" type="General" weightage="20" keywordseo="Bullion" source="Orion">bullion</keyword>. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind China. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With <keyword id="188" type="General" weightage="20" keywordseo="Diwali" source="Orion">Diwali</keyword> and <keyword id="4067" type="General" weightage="20" keywordseo="Dhanteras" source="Orion">Dhanteras</keyword> knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure 24k gold, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2>Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the RBI and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2>Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3- and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the LTCG (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Simply put: Can investing in gold this festive season add the much-touted Midas touch to your investments?

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/new-grad-gave-up-six-figure-jpmorgan-finance-job-satisfaction-2024-8">JPMorgan</a> CEO Jamie Dimon said he's bothered by federal employees not working in their DC offices.</li><li>Dimon requires his employees to work at an office at least three days a week.</li></ul>Federal workers in Washington, DC, still have flexibility about where they work, and JPMorgan Chase CEO <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> isn't impressed.Speaking at The Atlantic Festival in the nation's capital on Friday, Dimon discussed politics in the US and abroad in response to a question from Jeffrey Goldberg, editor in chief of The Atlantic. Dimon spoke on a variety of topics related to how the government should be run and approach major problems. While he isn't running for office, his name has reportedly come up in discussions as a potential <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-floated-donald-trump-kamala-harris-treasury-secretary-2024-8">Treasury Secretary</a> for both Donald Trump and Kamala Harris.In the middle of an answer, Dimon added: "By the way, I'd also make <a target="_blank" class="" href="https://www.businessinsider.com/american-mom-expat-raising-kids-dubai-better-mother-relocation-uae-2024-8">Washington, DC,</a> go back to work. I can't believe, when I come down here, the empty buildings. The people who work for you not going to the office.""That bothers me," Dimon added. "I don't allow that at JP," he said, referring to JPMorgan.He's not the first CEO this week to comment on RTO. On Monday, Amazon CEO Andy Jassy said that employees at his company would return to working in an office <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ceo-return-to-office-mandate-5-days-week-2024-9">five days a week</a>, effectively returning to its pre-pandemic norm.<a target="_blank" class="" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">JPMorgan's own return-to-office policy</a> requires managing directors to be in the office five days a week. The bank's other employees must work in person at least three days a week.Last year, the Biden Administration pushed for <a target="_blank" class="" href="https://www.businessinsider.com/biden-admin-pushing-for-federal-workers-to-return-to-office-2023-8">federal employees to return to in-person</a> office work.Many federal workers have indeed returned to the office for at least part of the week. The exact split varies by government agency, though.Some Environmental Protection Agency workers, for instance, can spend as few as two days in the office per pay period or about four days a month, according to <a target="_blank" class="" href="https://federalnewsnetwork.com/workforce/2024/08/an-updated-list-of-agencies-return-to-office-postures/">a list</a> compiled by the Federal News Network and updated last month.Other agencies, such as the Department of the Treasury and the Department of the Interior, require some employees to be in the office at least 50% of the time, according to the list.Only about half of federal employees have the option to work remotely, according to <a target="_blank" class="" href="https://www.whitehouse.gov/wp-content/uploads/2024/08/OMB-Report-to-Congress-on-Telework-and-Real-Property.pdf">a report</a> to Congress from the Office of Management and Budget last month. The other half "work entirely in person already," the report says.The amount of empty office space in DC remains at a historic high. Office vacancy stood at about 22% during the second quarter of 2024, according to <a target="_blank" class="" href="https://www.cbre.com/insights/figures/washington-dc-office-figures-q2-2024">CBRE</a>.The federal government is one of the reasons. For example, the Commodity Futures Trading Commission decided to cut its office space in the capital in half during the quarter, CBRE said.But DC's downtown also includes many private-sector offices that attracted lawyers, consultants, and others during the workweek before the pandemic sent many people to work from home.Dimon did acknowledge that some of his JPMorgan employees have a long commute and might prefer working from home. He also said, however, that employees who don't like their RTO policy can find jobs elsewhere, according to The Economist.

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