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<ul class="summary-list"><li>Bitcoin has hit a record high as Donald Trump leads in the US presidential election.</li><li>Trump's support for digital assets is boosting investor confidence in cryptocurrencies.</li></ul>Bitcoin hit a record high as Republican candidate Donald Trump took the clear lead in the US presidential election on Tuesday night.The former president's position in the race prompted a rush of so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">Trump trades</a> as investors bet on assets that could gain under another Trump term.One of the winning trades was cryptocurrencies. Trump has <a target="_blank" rel="" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">supported digital assets</a> in recent years and his pro-crypto stance is lifting bitcoin to a new record high, wrote Yeap Jun Rong, a market strategist at IG, on election night.<a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> climbed to over $75,000 Tuesday night, and while it slightly pared gains, the currency was up 8% around $74,700 at 12:51 a.m. ET on Wednesday.The digital asset also jumped because a potential Trump presidency is associated with tax cuts, steeper tariffs, a deeper deficit, a higher level of debt, more Treasury issuance, and higher inflation, Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com</a><a target="_blank" rel=" nofollow" href="http://capital.com/">,</a> wrote in a note.The US dollar is expected to rise on higher Treasury yields because higher inflation would constrain the Federal Reserve's ability to cut rates."The greater inflationary risks and higher levels of debt also support assets like gold and bitcoin, which investors buy to hedge themselves against such trends," Rodda wrote.The crypto industry has been at odds with President Joe Biden's administration over regulations — though the currency surged more than 100% during his term.Crypto investors expect a friendlier reception with Trump and Vice President Kamala Harris, the Democratic candidate, who has also <a target="_blank" rel="" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">embraced crypto.</a>Gautam Chhugani, a Bernstein analyst, said in September that <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.

Bitcoin hits a record high on Trump trade rush

<ul class="summary-list"><li>Nvidia's stock surged 25% since September, nearing its all-time high.</li><li>OpenAI's $6.6 billion funding last week preceded the stock's ascent.</li></ul>A steady flow of news has added up to a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10#:~:text=It's%20now%20more%20valuable%20than,is%20worth%20less%20than%20that.">banner month</a> for <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-details-ai-infrastructure-roi-goldman-sachs-2024-9">Nvidia</a>, as investors seem to have let go of some of their trepidation around generative AI — at least for now.By Wednesday's market close, Nvidia's stock was up nearly 25% since September, bringing it closer to once again being the most valuable company in the world. The climb contrasts with<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-nvidia-huang-rally-consumer-confidence-emerging-market-2024-9"> late summer</a> when even solid earnings released by the company in August could not move investors. So what happened?Since the start of October, investors and Nvidia watchers have gained a few new numbers to add to their models.<h2 id="b98fce24-91ea-455b-84f6-ea85465b7516">$6.6 Billion to OpenAI</h2>Despite the recent high rate of high-ranking <a target="_blank" class="" href="https://www.businessinsider.com/meet-the-power-players-at-openai-2024-9">staff turnover</a> at OpenAI, the company finalized a long-anticipated <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">$6.6 billion funding round,</a> which valued the company at $157 billion.The funding is the clearest sign that investors are still willing to back the biggest bet on generative AI available. Most of OpenAI's funds funnel down to Nvidia via the companies that operate the immense data center capacity OpenAI uses and will continue to use from Microsoft and others.OpenAI announced the fresh funding last week, <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">led by Thrive Capital</a> with Microsoft, Nvidia, Softbank, <a target="_blank" class="" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">Khosla Ventures</a>, and others participating. Billionaire <a target="_blank" class="" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">Vinod Khosla told Business Insider</a> that though the AI space is overhyped, OpenAI isn't. Nvidia's stock price climbed for six days before leveling out on Wednesday.<h2 id="c9e829e3-1172-473e-92b5-31b2221a5356">2 Blackwell deliveries</h2>News that Nvidia's next-generation Blackwell chips wouldn't make it to market as planned due to manufacturing challenges shook markets back in August and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8">cast doubt</a> on the company's ability to keep up its promised pace.On his August 28 earnings call, Nvidia CEO Jensen Huang assured listeners several billion dollars in Blackwell revenue would ship in the fourth quarter, but the market didn't respond.Last week, Huang said on CNBC that the demand for Blackwell is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10?utm_campaign=business-sf&amp;utm_source=facebook&amp;utm_medium=social&amp;fbclid=IwY2xjawFzmM9leHRuA2FlbQIxMQABHd6ewVmJJ7Bpk0uMTsZm21vjYTpGJg2Tie2NnbEChHlWa5VIzYrUKcfrPw_aem_b2GesG3tcio9shqNAe9MQg">"insane"</a>. And on Tuesday, two key customers announced they had received their Blackwell systems in social media posts that were quickly shared by Nvidia as well. The <a target="_blank" class="" href="https://www.linkedin.com/posts/microsoft-azure_microsoft-azure-is-the-1st-cloud-running-activity-7249403479151030273-js85?utm_source=share&amp;utm_medium=member_desktop">Microsoft Azure</a> team posted on multiple platforms that the company had the first cloud running Blackwell.Additionally, the <a target="_blank" class="" href="https://x.com/OpenAI/status/1843704848753283356">OpenAI team posted</a> "Look what showed up at our doorstep. Thank you to Nvidia for delivering one of the first engineering builds of the DGX B200 to our office."<h2 id="98fa129b-022e-4112-93f9-b47b7e854bc8">$23.5 billion TSMC blowout</h2>Though there's a sea of component suppliers below Nvidia on the generative AI supply chain, the most important and coincidentally easiest one to watch is Taiwan Semiconductor Manufacturing Company.<a target="_blank" class="" href="https://www.businessinsider.com/tsmc-power-players-14-execs-leading-worlds-biggest-chipmaker-2024-9">TSMC</a> reports earnings monthly instead of quarterly and therefore, as Nvidia's largest supplier, offers more frequent confirmation that demand for graphics processing units remains robust. Though the company doesn't officially announce its third-quarter earnings until next week, the monthly results show $23.5 billion in revenue for the third quarter, which is ahead of analyst expectations.TSMC's revenue gains bolster the view that we are still in the early days of AI computing demand.<h2 id="877fba5b-d521-4b01-877e-c1907c9dbef1">1 underlying fear</h2>Huang takes every opportunity to profess the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-swift-returns-on-ai-infrastructure-2024-8">money-making capabilities</a> of the technology his GPUs enable. He told <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-details-ai-infrastructure-roi-goldman-sachs-2024-9">David Solomon</a> last month that companies that rent GPU capacity make back $5 for every $1 they spend.The market has shown however, that Huang isn't the source investors need to hear it from. But, anecdotal evidence of companies finding value in generative AI may be starting to penetrate the investor class as well, according to a new survey from Morgan Stanley.The bank conducted a survey of 400 companies across six industries in five countries and 90% of the companies adopting generative AI found that the technology met or exceeded their expectations.The bank also predicted that spending on cloud capacity buildout in 2025 will be equal to the entire Apollo space program, nearing $275 billion.Nvidia's early October climb may be due to investors waking back up to the fact that Nvidia, though highly dependent on the growth of generative AI, is pretty close to the base of the supply chain.More data centers mean more GPUs and more optimism about what companies can do with them only adds to Nvidia's opportunity. Fears about Nvidia "are overdone," Morgan Stanley analysts wrote.Got a tip or an insight to share? Contact Senior Reporter Emma Cosgrove at <a target="_blank" href="mailto:ecosgrove@businessinsider.com">ecosgrove@businessinsider.com</a> or use the secure messaging app Signal: 443-333-9088

Nvidia is nearing a record high. This is what's driving it.

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<keyword id="19910265" type="General" weightage="100" keywordseo="Gold-prices" source="keywords">Gold prices</keyword> surged to a historic high on Tuesday, September 24, as global economic conditions and <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> pushed the precious metal to new levels, a CNBC report said. The spot price of gold rose to an unprecedented $2,638.37 per ounce during the day’s trading, while US <keyword id="20942333" type="General" weightage="20" keywordseo="gold-futures" source="keywords">gold futures</keyword> also spiked, reaching $2,661.60. In India, the cost of <keyword id="21271046" type="General" weightage="20" keywordseo="24-carat-gold" source="keywords">24-carat gold</keyword> climbed sharply, hitting ₹76,330 per 10 grams, marking an ongoing upward trend that analysts suggest could see prices nearing ₹78,000 per 10 grams in the coming weeks. <h2>Gold prices today</h2> While the prices of gold hit their <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> yesterday (September 24), today (September 25) the prices remained around Rs 76,000 per 10 grams. The price of 24-carat gold, recognised for its exceptional purity, was set at ₹76,370 per 10 grams. Meanwhile, 22-carat gold, commonly used in jewellery for its added durability from alloy mixing, was available at ₹70,010 per 10 grams. Here are the gold prices in some major cities of India today: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">22 Carat Gold Rate Today </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">24 Carat Gold Rate Today </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,160 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,520 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,060 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,420 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,010 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,370 </td></tr><tr><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">Gurugram </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">70,160 </td><td style="border-left:solid #cdcdcd 0.75pt;border-right:solid #cdcdcd 0.75pt;border-bottom:solid #cdcdcd 0.75pt;border-top:solid #cdcdcd 0.75pt;vertical-align:top;padding:8pt 4pt 8pt 4pt;overflow:hidden;overflow-wrap:break-word;">76,520 </td></tr></tbody></table> <h2>Gold prices touch record-high, analysts react </h2> Industry experts are optimistic that gold prices will continue their upward trajectory. As per a CNBC report, Colin Shah, Managing Director of <keyword id="20237409" type="General" weightage="20" keywordseo="Kama-Jewelry" source="keywords" meta.keywordsubtype="org" meta.entityname="Kama Jewelry" meta.hostid="261" meta.entityid="Kama Jewelry">Kama Jewelry</keyword>, predicts that the global price of gold could reach as high as $3,000 per ounce in the medium to long term. Shah attributed the ongoing rally to favourable global conditions, including the anticipated rate cuts by the <keyword id="19901377" type="General" weightage="20" keywordseo="US-Federal-Reserve" source="keywords">US Federal Reserve</keyword>. He also expected that in India, the price of gold will surpass ₹78,000 per 10 grams during the upcoming festive period. On the other hand, Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, observed that COMEX gold surged to $2,689.40 per ounce due to a sharp decline in US consumer confidence, which increased the likelihood of aggressive rate cuts by the <keyword id="19904332" type="General" weightage="20" keywordseo="federal-reserve" source="keywords">Federal Reserve</keyword>. "COMEX gold surged to $2,689.40 per ounce yesterday as a significant drop in US consumer confidence heightened expectations for aggressive interest rate cuts by the Federal Reserve. The US Conference Board's Consumer Confidence Index fell sharply in September to 98.7, down from 105.6 in August, its largest decline in three years. Concerns over the labor market, combined with lower US Treasury yields and the US dollar nearing a 14-month low, further fueled the rise in gold prices. Additionally, Fed Governor Michelle Bowman highlighted persistent inflation risks and advocated for a cautious approach to rate cuts to avoid reigniting inflation. Today, COMEX gold prices reached a record high of $2,694.89 per ounce, and expected to hold gains as the CME FedWatch Tool now indicates a 62.2% chance of a 50 basis point cut in November, up from just 29% a week ago. Ongoing fears of an escalating Israel-Hezbollah conflict are likely to enhance gold's appeal as a safe-haven asset," Chainwala said. Saish Sandeep Sawant Dessai, a base metals analyst at Angel One Ltd., noted that bullion prices climbed during yesterday's trading session, driven by momentum from the US Federal Reserve's bold rate cut and expectations of further reductions. "In yesterday’s trading session, the bullion prices traded higher as traders embraced the momentum generated by the U.S. Federal Reserve's bold interest rate cut and signs that further reductions were on the horizon. "The Fed policymakers said their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. Fed futures traders have priced in 75 basis points in rate cuts by the end of 2024, according to the CME FedWatch Tool. "Zero-yield bullion tends to be a preferred investment in a low interest rate environment and during geopolitical turmoil. On the geopolitical front, Hezbollah devices explode again in Lebanon on Wednesday, stoking tensions of wider conflict after similar explosions of the group's pagers the day before. This boosted the demand for safe haven gold," Dessai said.

Gold prices hit record high, could reach ₹78,000 per 10 grams in coming weeks

<ul class="summary-list"><li>As fears over economic volatility and deficits grow, investors and central banks are buying gold.</li><li>Gold is often seen as a safe-haven asset among investors.</li></ul>Now is looking like a golden opportunity to <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-gold">invest in gold</a>.For decades, the yellow metal has been considered a safe-haven asset, serving as a hedge against high inflation and economic uncertainty due to its low correlation to stocks and bonds.And there's certainly no shortage of economic uncertainty right now. The US presidential election is right around the corner, inflation concerns remain elevated, geopolitical tensions are high, and the US national debt is reaching untenable levels.Investors and central banks alike have been snatching up gold. The asset's price hit another record high earlier this week at $2,739.40 per ounce after rising over 30% this year, and some analysts are setting a price target of $3,000.Investing in gold is slightly different from putting money into stocks or bonds. Below, two gold experts share four ways investors can add gold to their portfolios.<h2 id="f6498d65-9f43-415b-a374-53643e6db3e3">4 ways to invest in gold</h2>For starters, investors can purchase the metal directly.You can buy gold coins online. You can buy gold bars at Costco. Those strip mall stores with a big "We Buy Gold" sign? You can buy gold there, too.Buying the physical commodity is a tangible way to invest in gold, but it does have some drawbacks. Jeff Muhlenkamp, portfolio manager at Muhlenkamp &amp; Company, points out that there are transaction costs when buying directly from a gold dealer. The investor also has to ensure the gold is certified regarding purity and weight. Buyers must also consider secure storage solutions and insurance for their physical assets.In general, physical gold is a less liquid way to own the asset and is quite costly. "Most of the time when people go and buy gold coins, they'll pay a big premium upfront, and they'll probably suffer a discount when they come to sell at the end," George Milling-Stanley, chief gold strategist at State Street Global Advisors, said.Investors can avoid the complications of investing in bars and coins by buying a gold ETF instead.Physical gold ETFs can be bought through a brokerage account and are directly backed by gold bullion held in bank vaults, meaning that investors don't have to worry about storage or liquidity issues. Examples include the iShares Gold Trust fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-gold-trust-us4642852044?miRedirects=1">IAU</a>) and the SPDR Gold Shares fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-gold-shares-us78463v1070?miRedirects=1">GLD</a>).Synthetic gold ETFs don't hold physical gold, investing instead in gold derivatives such as futures and options. These ETFs can be cheaper than physically backed ones since they don't need to store the metal, but they have counterparty risk, or the risk of loss from a contract participant not fulfilling their obligation. Examples include the SPDR Gold MiniShares Trust (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-gold-minishares-us98149e3036?miRedirects=1">GLDM</a>) and the ProShares Ultra Gold fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/proshares-ultra-gold-us74347w6012?miRedirects=2">UGL</a>).For investors who want to get as close to the real thing without buying bars, physical gold ETFs tend to track changes in the price of gold more accurately than synthetic ones, Muhlenkamp said.Mining companies are another option for more indirect exposure. These can vary wildly in risk, so Milling-Stanley advises that investors approach these stocks with discretion. The multi-billion-dollar market-cap mining companies offer the most liquidity and stable business models. Smaller mining companies, known as junior miners, are in the exploration phase of looking for mineral deposits and might not be generating revenues, Muhlenkamp said.Mining stocks are less directly correlated with the price of gold than ETFs and may lag trends in gold prices by several months, Muhlenkamp said.In Milling-Stanley's opinion, investing in mining stocks instead of directly investing in gold erodes some of the metal's portfolio protection, as mining stocks behave more in line with the general equity market.This area of investment is definitely higher in risk, but if enthusiasm for gold continues to surge, more speculative mining stocks will enjoy the biggest upside, according to Muhlenkamp.Examples of mining stocks include Agnico-Eagle Mines (<a target="_blank" href="https://markets.businessinsider.com/stocks/aem-stock">AEM</a>) and Newmont Mining Corp (<a target="_blank" href="https://markets.businessinsider.com/stocks/nem-stock">NEM</a>).Gold royalty and streaming companies are yet another way to add gold to a portfolio. These companies finance gold mines and receive a percentage of the gold produced.Royalties limit the holder's exposure to the risks associated with directly investing in mines, such as exploration, development, and regulatory compliance. Royalty and streaming companies are a good way to gain exposure to junior mines but still retain liquidity, especially for investors who don't have the ability or resources to conduct due diligence, Muhlenkamp said.Examples of gold royalty companies include Franco-Nevada (<a target="_blank" href="https://markets.businessinsider.com/stocks/fnv-stock">FNV</a>) and Wheaton Precious Metals (<a target="_blank" href="https://markets.businessinsider.com/stocks/wpm-stock">WPM</a>).

4 ways to add gold to your portfolio as investors pile in and send prices to record highs  

<ul class="summary-list"><li>US stocks were mostly lower on Monday, pulling back from last week's record highs.</li><li>Investors are turning their attention to third-quarter earnings season, with 21% of S&amp;P 500 companies set to report this week.</li></ul>US stocks traded mostly lower on Monday, retreating from last week's record highs.While the Nasdaq 100 rose slightly, the Dow Jones Industrial Average declined by nearly 350 points. The decline on Monday comes as third-quarter earnings season nears its peak, with more than 100 S&amp;P 500 companies set to report results this week, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ko-stock">Coca-Cola</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a>, Boeing, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a>.So far, investors should be feeling good about third-quarter results.Of the 21% of S&amp;P 500 companies that have reported so far, about 80% beat profit estimates by 5%, while 60% beat revenue estimates, according to data from Bank of America.Bank of America strategist Savita Subramanian said that company executives are striking an optimistic tone on earnings calls."Processing the natural language of corporate management yields a record level of optimism, and a pick up after four quarters of deceleration," Subramanian said in a note on Monday.She added: "Mentions of weak demand fell, tracking the lowest levels in two years where less / more mentions have been correlated to a rising / falling ISM Manufacturing PMI."Nvidia jumped to record levels during the session to help lift the Nasdaq slightly higher. The stock rose more than 4% to close at $143.71. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-nvda-blackwell-demand-outlook-chips-ai-2024-10">Analysts have been feeling bullish</a> on the stock's prospects for further gains amid big demand for its new Blackwell chips. Bank of America was the latest firm to up its price target for the stock, calling out a "generational opportunity" for the company in a note at the end of last week. It's a quiet week for economic data, though Fedspeak is set to ramp up with speeches from six central bank officials scheduled throughout the week.Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,853.98, down 0.18% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,931.60, down 0.80% (-344.31 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,540.01, down 0.27% </li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/disney-bob-iger-ceo-successor-early-2026-james-gorman-chairman-2024-10">Disney said it will appoint Bob Iger's successor as CEO by early 2026.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">Goldman Sachs said investors should prepare for a decade of muted returns in the stock market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-bull-lost-tokens-cold-wallets-estate-planning-satoshi-nakamoto-2024-10">An under-the-radar bull case for bitcoin has nothing to do with the election or interest rates.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stocks-to-buy-safe-investments-market-bubble-correction-outlook-2024-10">Here's where investors worried about a stock market bubble should invest their money.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was up 1.88% to $69.98 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 1.56% to $74.20 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.16% to $2,734.50 an ounce.</li><li>The 10-year Treasury yield jumped 11 basis points to 4.188%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was lower by 1.78% to $67,790.</li></ul>

Stock market today: US stocks pull back from record levels as traders ready for big week of earnings

<ul class="summary-list"><li>After two scandals this year, PwC's business in the Asia-Pacific region has fallen.</li><li>The firm's license to operate in China was suspended for six months for its involvement in a fraud case.</li></ul>After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10">Big Four</a> consulting firm reported a 12.7% decline in net income in the region for the financial year ending in June. <a target="_blank" class="" href="https://www.pwc.com/gx/en/about/transparency-report/2024/financials.html">PwC said</a> demand was particularly slow in China, where revenues fell.In September, the firm was found to have <a target="_blank" class="" href="https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-network-statement-regarding-pwc-zhong-tian-administrative-penalties.html">helped conceal fraud at the now-collapsed Chinese property developer Evergrande.</a>The Chinese government fined PwC $62 million and removed its license to operate in the country for six months. 11 employees were fired or left the company, and state-owned enterprises have since dropped PwC as their auditor.Mohamed Kande, PwC's global chairman, <a target="_blank" class="" href="https://www.pwc.com/gx/en/global-annual-review/2024/pwc-global-annual-review-2024.pdf">said</a> the findings of the Evergrande audit were in "stark contrast" to the high-quality work PwC produces and were not representative of what the firm stands for.The firm's second regional scandal hit in Australia after a senior partner in its tax division was found to have passed confidential information from his work with the government to colleagues to help them win new business with multinational technology companies like Uber and Google, <a target="_blank" href="https://www.afr.com/companies/professional-services/the-emails-that-almost-destroyed-pwc-australia-20240802-p5jyv1">the Australian Financial Review </a>first reported.PwC sold its government consulting business in Australia following the revelations.Overall revenues in Asia-Pacific, which is the smallest of the firm's regions, were down by 5.6% in local currencies. PwC highlighted that business had performed well in India, where revenues increased.Despite the regional impact on the business, PwC posted an overall growth of 3.7% to reach record-high gross revenues of $55.4 billion.Like other leading consultancies, PwC has been hit by falling demand for consulting services, and its growth rate has slowed. In FY2023, revenue grew 9.9%.Following a pandemic-era rush on advisory services, demand for professional services has slowed, leaving firms overstaffed for the level of work. While EY and Deloitte have been <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10#:~:text=Deloitte%20and%20EY%20are%20trimming,be%20over%2C%20one%20analyst%20said.">trimming back staff numbers</a> in the past year, PwC expanded its workforce by 10,000 in FY2024 to reach 370,000 global employees."Despite a backdrop of economic headwinds, we've seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5 billion to expand and scale our AI capabilities," said Mohamed Kande, PwC's global chairman.

Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high

<ul class="summary-list"><li>Goldman Sachs on Thursday promoted 95 executives to its partnership.</li><li>It's the largest class to be promoted under David Solomon since he took over as CEO in 2018.</li></ul>Goldman Sachs on Thursday dropped the names of its newest partner class, elevating 95 members to its highest designation of leaders outside the C-suite.The 2024 class is the largest since David Solomon took over as CEO in 2018 and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">reflects the bank's growth expectations</a> in dealmaking and asset and wealth management.This year's class is also one of Goldman's most diverse, representing a record 26 females and a record level of Hispanic executive promotions, a company executive said on Thursday."A spirit of partnership has been at the heart of Goldman Sachs' culture for more than 155 years, with the firm's partners exemplifying the best traditions of leadership," Solomon and President and COO John Waldron said in a joint statement on Thursday.The last time Goldman tapped new partners in 2022, it elevated 80 members. In the 2020 cycle, it appointed <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">just 60 new partners</a>, which helped reduce the size of the overall partnership to fewer than 440 members, down from 484 in 2018.While the bank does not break out the size of its partnership at any given time, it has generally hovered around 400 to 450 members, representing less than 1% of Goldman's workforce. As of the end of September, the Wall Street bank employed about 46,000 people, filings show.Since taking the top job in 2018, Solomon has been shrinking <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">the bank's partnership ranks</a> in a bid to increase its exclusivity. The Goldman executive said this year's larger size isn't an about-face from that goal, but rather a reflection of the firm's commitment to its key businesses like <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">investment banking</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tips-ipo-rich-founders-manage-wealth-according-to-goldman-sachs-2024-8">money management</a>. The executive said that the total size of the class has remained largely constant even as the firm has grown under Solomon.The bank has, in recent years, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">adjusted its course back to historic strengths</a> like trading and advising on <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">mergers</a>, after it fumbled the ball on its <a target="_blank" class="" href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">consumer-banking ambitions</a>. Goldman has also experienced <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-david-solomon-ceo-partners-departures-strategy-2023-9#:~:text=According%20to%20the%20former%20partners,they%20had%20no%20industry%20experience.">a slew of high-profile partner</a><a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"> exits</a> driven, in part, by demand for its executives at high-paying hedge funds and other buy-side firms.The process for becoming a partner is rigorous, requiring months of interviews across the firm in a process known internally as cross-ruffing, as <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-is-about-to-promote-another-round-of-partners-2022-10">Business Insider has reported</a>.The title, which opens the door to special perks and privileges, is a vestige of Goldman's history as a private company run by its partners, who often contributed their own capital to deals. Goldman is now a publicly traded company, but its partners maintain influence over the strategic direction of the 150-year-old firm.After several years of sluggish dealmaking across Wall Street, Goldman's investment-banking fees — from advising on mergers to debt and stock underwriting — shot up 24% at the end of September versus the first nine months of 2023.The bank has also grown its asset- and wealth-management business, with assets under supervision surging to more than $3 trillion for the first time at the end of the third quarter, fueled in part by growth in assets from high-net-worth clients.<div type="image" title="A bald man in a suit smiles" height="1917" width="3000" msid="115063726" hostid="261" sizebytes="224422"></div>Here are some key figures about Goldman's 2024 partner class:<ul><li>42% of the class started at Goldman as campus hires and 29% started as summer interns with the firm.</li><li>The average tenure of the partner class is 16 years at Goldman Sachs.</li><li>26 promotes are women, or 27% of the class.</li><li>The percentage of women promoted is not a record. In 2022, 23 women were promoted, representing 27% of the total class. (Goldman Sachs has seen a number of high-profile female exits in recent months, raising criticisms about the bank's commitment to its female executives in an article published by the Wall Street Journal. Among the exits have been Beth Hammack, the former treasurer and an unsuccessful contender for chief financial officer; Stephanie Cohen, <a target="_blank" class="" href="https://www.businessinsider.com/stephanie-cohen-leaving-goldman-sachs-cloudflare-2024-3">the former chief strategy officer</a> and head of its platform solutions group; and Katie Koch, the former chief investment officer of its public-equity business in asset management. <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">Executives have vowed to do better.</a>)</li><li>6% of the class is Hispanic, another record.</li><li>18% are Asian.</li><li>4% are Black, down from 7% in 2020. This is an area the Goldman executive acknowledged is a place the firm wants to improve.Here's the full list that Goldman released featuring all of its new partners.</li></ul>Marine Abiad, Global Banking &amp; Markets, ParisBenny Adler, Global Banking &amp; Markets, New YorkShahzad Ali, Controllers, New YorkAsh Ang, Global Banking &amp; Markets, SingaporeLucia Arienti, Global Banking &amp; Markets, LondonMatthew Armas, Asset &amp; Wealth Management, New YorkPatrick Armstrong, Asset &amp; Wealth Management, New YorkSebastian Ayton, Global Banking &amp; Markets, ParisAmitayush Bahri, Asset &amp; Wealth Management, LondonRob Barlick Jr, Asset &amp; Wealth Management, MiamiDavid Bear, Global Banking &amp; Markets, New YorkAmanda Beisel, Controllers, New YorkJeff Bernstein, Asset &amp; Wealth Management, New YorkLyla Bibi, Global Banking &amp; Markets, New YorkAnne Bizien, Global Banking &amp; Markets, ParisTristan Blood, Asset &amp; Wealth Management, LondonBrittany Boals Moeller, Asset &amp; Wealth Management, AtlantaMarc Boheim, Asset &amp; Wealth Management, LondonChris Bonner, Global Banking &amp; Markets, New YorkKevin Boova, Global Banking &amp; Markets, New YorkOonagh Bradley, Compliance, LondonTimothy Braude, Asset &amp; Wealth Management, New YorkSteven Budig, Asset &amp; Wealth Management, New YorkJacqueline Cassidy, Global Banking &amp; Markets, New YorkSorubh Chandani, Asset &amp; Wealth Management, New YorkPamela Codo-Lotti, Global Banking &amp; Markets, New YorkBracha Cohen, Asset &amp; Wealth Management, New YorkShaun Cullinan, Asset &amp; Wealth Management, New YorkMarc d'Andlau, Global Banking &amp; Markets, ParisAdam Davis, Global Banking &amp; Markets, New YorkMatthew Doherty, Asset &amp; Wealth Management, New YorkJason Eisenstadt, Global Banking &amp; Markets, New YorkAshley Everett, Global Banking &amp; Markets, New YorkAlex Finston, Global Banking &amp; Markets, New YorkAlison Flood, Global Banking &amp; Markets, New YorkArvind Giridhar, Global Banking &amp; Markets, New YorkAshwin Gupta, Asset &amp; Wealth Management, New YorkSonia Gupta, Global Banking &amp; Markets, San FranciscoTerry Hagerty, Global Banking &amp; Markets, New YorkRobert Hamilton Kelly, Asset &amp; Wealth Management, West Palm BeachAxel Hoefer, Global Banking &amp; Markets, FrankfurtDylan Hogarty, Global Banking &amp; Markets, New YorkTim Holliday, Corporate Treasury, LondonKazuya Iketani, Global Banking &amp; Markets, TokyoSumedh Jaiswal, Global Banking &amp; Markets, LondonKyle Jessen, Global Banking &amp; Markets, San FranciscoLotfi Karoui, Global Investment Research, New YorkFeroz Khosla, Global Banking &amp; Markets, New YorkLarry Kleinman, Tax, New YorkJared Klyman, Asset &amp; Wealth Management, New YorkDaniel Korich, Global Banking &amp; Markets, New YorkRebecca Kruger, Global Banking &amp; Markets, New YorkKosuke Kurosawa, Global Banking &amp; Markets, TokyoShane Lee, Global Banking &amp; Markets, CalgaryMichael Leister, Global Banking &amp; Markets, New YorkMatthew Leskowitz, Global Banking &amp; Markets, New YorkHilary Lopez, Asset &amp; Wealth Management, LondonCedric Lucas, Asset &amp; Wealth Management, New YorkMazen Makarem, Global Banking &amp; Markets, New YorkMatthew Mason, Global Banking &amp; Markets, Hong KongJans Meckel, Global Banking &amp; Markets, ParisPatrick Moran, Legal, New YorkLeonie Morel, Global Banking &amp; Markets, LondonJohn O'Connor, Global Banking &amp; Markets, New YorkSteve Orr, Global Banking &amp; Markets, New YorkLeke Osinubi, Engineering Division, New YorkElizabeth Overbay, Platform Solutions, New YorkJonathan Perry, Engineering Division, LondonThomas Plank, Global Banking &amp; Markets, SingaporeCaitlin Pollak, Global Banking &amp; Markets, New YorkLing Pong, Asset &amp; Wealth Management, Hong KongJoe Porter, Global Banking &amp; Markets, San FranciscoVishaal Rana, Global Banking &amp; Markets, New YorkAlexandre Reinert, Global Banking &amp; Markets, Hong KongMonique Rollins, Corporate Treasury, New YorkMarcos Rosenberg, Asset &amp; Wealth Management, RichardsonMarc Schaffer, Global Banking &amp; Markets, New YorkJan Scheffel, Global Banking &amp; Markets, LondonRahul Sharma, Engineering Division, Menlo ParkEric Sheridan, Global Investment Research, New YorkSalil Sheth, Global Banking &amp; Markets, New YorkJonathan Shugar, Global Banking &amp; Markets, New YorkAlyson Shupe, Asset &amp; Wealth Management, New YorkAaron Siegel, Global Banking &amp; Markets, New YorkAdam Siegler, Global Banking &amp; Markets, New YorkCraig Smart, Global Banking &amp; Markets, New YorkAndre Souza, Global Banking &amp; Markets, LondonThom Spoto, Asset &amp; Wealth Management, West Palm BeachLesley Steele, Risk, LondonTeppei Takanabe, Global Banking &amp; Markets, TokyoLaura van Alkemade, Global Banking &amp; Markets, LondonDennis Walsh, Asset &amp; Wealth Management, New YorkAlexandra Wilson-Elizondo, Asset &amp; Wealth Management, New YorkSylvia Yeh, Asset &amp; Wealth Management, New YorkPiotr Zurawski, Global Banking &amp; Markets, LondonThis post is breaking and will be updated with additional information.Emmalyse Brownstein contributed reporting.Are you an insider at Goldman Sachs or on Wall Street? Get in touch with this reporter. Reed Alexander can be reached at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a>, or SMS/the encrypted app Signal at <a target="_blank">(561) 247-5758</a>

See the 95 executives Goldman Sachs tapped to join its exclusive partnership — a record high under David Solomon

<ul class="summary-list"><li>US home prices hit a fresh record in June, according to the S&amp;P CoreLogic Case-Shiller Index.</li><li>Prices rose 5.4% on an annual basis, though the increase was a deceleration from the prior month.</li></ul>Home prices hit another all-time high this summer.<a target="_blank" href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#overview">The S&amp;P CoreLogic Case-Shiller US National Home Price Index</a> climbed 5.4% from a year ago in June. While this took it to a fresh record, in a moderately positive sign, the rate of increase decelerated from the prior month, according to the <a target="_blank" href="https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-hits-new-all-time-high-for-june-2024/">new data</a>.Meanwhile, the 20-City Composite notched a year-over-year jump of 6.5% in June, falling short of May's 6.9% gain.New York led the cohort, where prices rose 9% annually that month. San Diego and Las Vegas followed, scoring 8.7% and 8.5% price gains, respectively.Elevated mortgage rates complemented price highs that month, with the 30-year fixed rate <a target="_blank" href="https://www.freddiemac.com/pmms">hovering near 7%</a> in June. While home prices typically decline when borrowing costs rise, a lack of supply has kept homebuyers financially fenced out.Home sale volumes have crawled through this summer as prices reached uncomfortable levels. Prior data from the National Association of Realtors disclosed that existing home sales slumped <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-logjam-existing-home-sales-record-prices-mortgages-2024-7">5.4% between May and June</a>. This has since improved, as a recent NAR report shows that sales <a target="_blank" href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">jumped 1.3% in July</a>.Developers have also taken a step back recently, causing US construction to hit a four-year low in July. With priced-out consumers unable to absorb new housing, <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-new-home-construction-builder-confidence-covid-low-2024-8">builder confidence hit a new low in August.</a>How long will this last?In June, Bank of America forecast that price momentum would keep up until at least 2026, with the market set to appreciate <a target="_blank" href="https://www.businessinsider.com/us-housing-market-buying-a-home-prices-affordability-mortgage-rates-2024-6">4.5% and 5% this year and the next</a>.A more recent report from Fitch Ratings outlined that <a target="_blank" href="https://www.businessinsider.com/housing-market-prices-home-affordability-crisis-morgage-overvalued-fitch-ratings-2024-8">prices could rise as much as 5% this year.</a> Price growth could accelerate once the Federal Reserve starts cutting rates, the firm previously noted. The Case-Shiller index has so far gained 4.6% since January.

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