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<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?

After a 10.2% increase last year, <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> are expected to rise another 9.9%, <keyword id="22706139" type="General" weightage="20" keywordseo="Infomerics-Ratings" source="keywords" meta.keywordsubtype="org" meta.entityname="Infomerics Ratings" meta.hostid="261" meta.entityid="Infomerics Ratings">Infomerics Ratings</keyword> said in a report, attributing largely to the <keyword id="20132853" type="General" weightage="20" keywordseo="Middle-East-crisis" source="keywords">Middle East crisis</keyword> involving Iran and Israel. The dragged <keyword id="20130144" type="General" weightage="20" keywordseo="geopolitical-crisis" source="keywords">geopolitical crisis</keyword> in the Middle East has spurred a rush into safe-haven assets such as gold. Historically, gold, as an asset, is considered a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. "But this rise would now partly be offset by the reduced duty cut (in India)," said the Infomerics Ratings report. Historical trends, such as the surge during the Russia-Ukraine war, highlight gold's role as a safeguard against inflation and market instability during <keyword id="19982403" type="General" weightage="20" keywordseo="global-uncertainties" source="keywords">global uncertainties</keyword>. Prices of gold, considered safe investment bets, have seen a mild correction after the latest stellar bull run. Gold has been in demand for a considerable period, with its prices rallying to hit record highs now and then. Geopolitical conflict in West Asia that stretched for a long time, buying by several central banks, including the RBI, and physical demand, have altogether pushed gold prices northwards. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger a sharp price rise. "Gold's diverse uses, in jewellery, technology and by central banks and investors, mean different sectors of the gold market rise to prominence at different points in the global economic cycle. This diversity of demand and self-balancing nature of the gold market underpin gold's robust qualities as an investment asset," said Infomerics Ratings. Festive season buying, a weak dollar, uncertainty surrounding the US elections, and possible Fed rate cuts in September could raise prices, the report noted. In the wake of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> on July 23, 2024, by the Finance Minister, gold prices in India declined sharply. Finance Minister Nirmala Sitharaman slashed the import duty on gold from 15% to 6% in the Budget presented on July 23. Days after the Budget, gold became cheaper by Rs 6,200 in most states of India. In the capital Delhi, the price of 10 grams of 24 carat gold came down to about Rs 69,140. "With surging demand for gold, especially as the <keyword id="19896655" type="General" weightage="20" keywordseo="wedding-season" source="keywords">wedding season</keyword> approaches, gold prices are likely to rise this financial year, driven by escalating geopolitical tensions, robust central bank buying, and expectations of <keyword id="21050688" type="General" weightage="20" keywordseo="US-Fed-rate-cuts" source="keywords">US Fed rate cuts</keyword>." Infomerics Ratings report said. In India, gold has strong cultural and religious significance. As per <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>, India is one of the largest consumers of gold jewellery, accounting for about 25% of global gold demand. The demand for gold in India is primarily driven by weddings and festivals, making it an integral part of the country's culture and traditions. Touching upon regulatory structure and challenges in the gold sector, the report noted that the regulatory landscape for the gold industry in India is fragmented. "The regulatory landscape for the gold industry in India is fragmented, involving multiple circulars and notifications from various authorities such as the RBI, Ministry of Finance, Ministry of Commerce, DGFT, Customs, and others. This patchwork of regulations leads to confusion, inefficiency, and difficulty in compliance, as stakeholders must navigate through numerous documents to understand the rules," the report read.

Gold shines as demand for safe haven asset strong; Infomerics Ratings anticipates 10% price jump this year

As the world continues to open up and travel restrictions ease, Indian travellers are eagerly exploring new horizons. According to the report "Travel Trends 2024: Breaking Boundaries," the following ten destinations are at the top of the list for Indian globetrotters this year. Each location offers a unique blend of cultural experiences, scenic beauty, and exciting activities, making them irresistible to the adventurous Indian traveller. <cmsannotation type="cmsannotation" annotationid="Amsterdam, Netherlands" comment="subhead" text="Amsterdam, Netherlands"><keyword id="22442" type="General" weightage="20" keywordseo="Amsterdam" source="Orion">Amsterdam</keyword>, Netherlands</cmsannotation> <div type="image" title="1" msid="110265065" hostid="261" sizebytes="1582190" caption="&amp;lt;p&amp;gt;Biking along Amsterdam&amp;#39;s picturesque canals.&amp;lt;/p&amp;gt;"></div>Amsterdam, with its picturesque canals, vibrant cultural scene, and historic architecture, tops the list of trending destinations. The Dutch capital is renowned for its museums, such as the Van Gogh Museum and the Anne Frank House, which offer deep dives into art and history. Biking through the city's scenic streets, exploring the lively neighbourhoods like Jordaan, and enjoying the thriving café culture make Amsterdam a must-visit. <cmsannotation type="cmsannotation" annotationid="Singapore, Singapore" comment="subhead" text="Singapore, Singapore"><keyword id="6356662" type="General" weightage="20" keywordseo="Singapore" source="Orion">Singapore</keyword>, Singapore</cmsannotation> <div type="image" title="2" msid="110265085" hostid="261" sizebytes="1653618" caption="&amp;lt;p&amp;gt;Home to the iconic Marina Bay Sands and Gardens by the Bay.&amp;lt;/p&amp;gt;"></div>A perennial favourite, Singapore continues to attract Indian travellers with its blend of modernity and tradition. The city-state's iconic landmarks, such as Marina Bay Sands, Gardens by the Bay, and Sentosa Island, offer a plethora of activities. The diverse culinary scene, from hawker centres to Michelin-starred restaurants, provides a gastronomic adventure. Singapore’s efficient public transport and safe environment make it an ideal destination for families and solo travellers alike. <cmsannotation type="cmsannotation" annotationid="London, United Kingdom" comment="subhead" text="London, United Kingdom">London, United Kingdom</cmsannotation> <div type="image" title="8" msid="110265353" hostid="261" sizebytes="2374525" caption="&amp;lt;p&amp;gt;London East Side from The Shard.&amp;lt;/p&amp;gt;"></div>London remains a top choice for Indian travellers due to its rich history, cultural diversity, and numerous attractions. From the historic Tower of London and Buckingham Palace to the contemporary Tate Modern and West End theatres, the city offers endless exploration opportunities. Shopping at Oxford Street, strolling through Hyde Park, and enjoying the vibrant nightlife further enhance the London experience. <cmsannotation type="cmsannotation" annotationid="Frankfurt, Germany" comment="subhead" text="Frankfurt, Germany">Frankfurt, Germany</cmsannotation> <div type="image" title="3" msid="110265152" hostid="261" sizebytes="2139530" caption="&amp;lt;p&amp;gt;Frankfurt&amp;#39;s stunning skyline at dusk.&amp;lt;/p&amp;gt;"></div>Known as the financial hub of Germany, Frankfurt is gaining popularity among Indian travellers for its impressive skyline and rich cultural heritage. The city’s museums, including the Städel Museum and the German Film Museum, cater to diverse interests. The Römer, Frankfurt's medieval town hall, and the charming Altstadt (Old Town) provide a glimpse into the city's history. Additionally, Frankfurt’s central location makes it a great base for exploring other parts of Europe. <cmsannotation type="cmsannotation" annotationid="Melbourne, Australia" comment="subhead" text="Melbourne, Australia">Melbourne, Australia</cmsannotation> <div type="image" title="4" msid="110265166" hostid="261" sizebytes="1682062" caption="&amp;lt;p&amp;gt;Street art and cafes in Melbourne&amp;#39;s vibrant laneways.&amp;lt;/p&amp;gt;"></div>Melbourne's dynamic art scene, world-class dining, and vibrant street culture make it a top destination. Indian travellers are drawn to its laneways adorned with street art, the bustling Queen Victoria Market, and the stunning Royal Botanic Gardens. Melbourne's coffee culture and multicultural festivals, along with nearby attractions like the Great Ocean Road and Phillip Island, offer a comprehensive travel experience. <cmsannotation type="cmsannotation" annotationid="Bali, Indonesia" comment="subhead" text="Bali, Indonesia"><keyword id="19988" type="General" weightage="20" keywordseo="Bali" source="Orion">Bali</keyword>, Indonesia</cmsannotation> <div type="image" title="5" msid="110265191" hostid="261" sizebytes="1458184" caption="&amp;lt;p&amp;gt;Bali, Indonesia &amp;lt;/p&amp;gt;"></div>Bali continues to be a favourite for its idyllic beaches, spiritual retreats, and lush landscapes. Indian travellers flock to this Indonesian paradise for relaxation and adventure alike. From the terraced rice paddies of Ubud to the vibrant nightlife of Seminyak and the surf-friendly beaches of Kuta, Bali offers diverse experiences. The island’s rich culture, evident in its temples and traditional dances, adds to its allure. Read - <a href="https://www.businessinsider.in/travel/news/these-are-10-places-you-must-visit-during-your-next-trip/slidelist/101863670.cms" data-type="tilCustomLink" target="_blank">10 Best places to visit in Bali</a> <cmsannotation type="cmsannotation" annotationid="Montreal, Canada" comment="subhead" text="Montreal, Canada">Montreal, Canada</cmsannotation> <div type="image" title="6" msid="110265223" hostid="261" sizebytes="1502198" caption="&amp;lt;p&amp;gt;Unique blend of French and Canadian cultures.&amp;lt;/p&amp;gt;"></div>Montreal's unique blend of French and Canadian cultures makes it a captivating destination. Known for its vibrant festivals, such as the Montreal International Jazz Festival, and its rich history, the city offers something for everyone. The charming Old Montreal, with its cobblestone streets and historic buildings, contrasts beautifully with the modern downtown area. Indian travellers also enjoy the city's culinary scene, which includes a mix of fine dining and local delicacies. <cmsannotation type="cmsannotation" annotationid="Sydney, Australia" comment="subhead" text="Sydney, Australia">Sydney, Australia</cmsannotation> <div type="image" title="7" msid="110265254" hostid="261" sizebytes="1223801" caption="&amp;lt;p&amp;gt;The iconic Sydney Opera House and Harbour Bridge.&amp;lt;/p&amp;gt;"></div>Sydney's iconic landmarks, including the Sydney Opera House and Harbour Bridge, are major draws for Indian tourists. The city's beautiful beaches, such as Bondi and Manly, offer great spots for relaxation and water sports. Sydney's diverse neighbourhoods, like The Rocks and Darling Harbour, provide cultural and historical insights. The city's vibrant arts scene and world-class dining further enhance its appeal. <cmsannotation type="cmsannotation" annotationid="Brisbane, Australia" comment="subhead" text="Brisbane, Australia">Brisbane, Australia</cmsannotation> <div type="image" title="9" msid="110265300" hostid="261" sizebytes="1956762" caption="&amp;lt;p&amp;gt;Riverside views from South Bank Parklands in Brisbane.&amp;lt;/p&amp;gt;"></div>Brisbane is emerging as a popular destination for its warm climate, outdoor lifestyle, and cultural attractions. The South Bank Parklands, with its river views and recreational facilities, is a favourite among visitors. Brisbane's burgeoning food scene, lively arts and music events, and proximity to the Gold Coast and Sunshine Coast make it an attractive destination for Indian travellers seeking a blend of urban and natural experiences. <cmsannotation type="cmsannotation" annotationid="Munich, Germany" comment="subhead" text="Munich, Germany">Munich, Germany</cmsannotation> <div type="image" title="10" msid="110265317" hostid="261" sizebytes="1594469" caption="&amp;lt;p&amp;gt;The historic Marienplatz square in Munich.&amp;lt;/p&amp;gt;"></div>Munich's rich Bavarian culture, historic sites, and modern amenities make it a top choice. Indian travellers are drawn to its renowned Oktoberfest, beautiful parks like the English Garden, and impressive museums such as the Deutsches Museum. The city's historic Marienplatz and Nymphenburg Palace offer glimpses into its royal past. Munich also serves as a gateway to exploring the scenic Bavarian Alps and nearby castles. The travel trends of 2024 highlight the adventurous spirit of Indian travellers, who are eager to explore diverse destinations that offer a mix of cultural experiences, historical insights, and modern amenities. The first three months of 2024 alone saw an astounding 9.7 crore air travellers, a figure that would have taken a whole year to achieve just a decade ago. This surge in travel underscores the growing enthusiasm and capability of Indian globetrotters to venture far and wide. According to the "Travel Trends 2024: Breaking Boundaries" report, there has been a significant increase in Indian travellers exploring key markets. Visits to Japan surged by 53 per cent, trips to Vietnam skyrocketed by 248 per cent, and travel to the US increased by 59 per cent compared to 2019. These statistics reflect a broader trend of Indian travellers seeking unique and enriching experiences across the globe. From the charming canals of Amsterdam to the vibrant streets of Singapore, the cultural richness of London, and the scenic beauty of Melbourne and Bali, Indian travellers are breaking boundaries and embracing the world with open arms. As they continue to explore top destinations like Montreal, Sydney, Brisbane, and Munich, their journeys contribute to a dynamic and interconnected global travel landscape. SEE ALSO: <a href="https://www.businessinsider.in/travel/international/article/exploring-the-world-on-wheels-international-road-trips-from-india/articleshow/110247281.cms" data-type="tilCustomLink" target="_blank">Exploring the world on wheels: International road trips from India</a>

Top trending international destinations for Indian travellers in 2024

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.

You Searched For "global trends festival" and got 4 results

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

Ira Alok Puranik

Gold shines as demand for safe haven asset strong; Infomerics Ratings anticipates 10% price jump this year

ANI

Top trending international destinations for Indian travellers in 2024

Ayush Mehrotra

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

ANI

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