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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

The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> presented by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="83" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> has projected a <keyword id="19997196" type="General" weightage="20" keywordseo="growth-rate" source="keywords">growth rate</keyword> of 6.5 per cent and 7 per cent further solidifying <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s strong <keyword id="20018805" type="General" weightage="20" keywordseo="macroeconomic-fundamentals" source="keywords">macroeconomic fundamentals</keyword>, <keyword id="20060150" type="General" weightage="20" keywordseo="CBRE" source="keywords" meta.keywordsubtype="org" meta.entityname="CBRE" meta.hostid="83" meta.entityid="CBRE">CBRE</keyword> Chairman and CEO-India, South-East Asia, Middle East and Africa, <keyword id="20177586" type="General" weightage="20" keywordseo="Anshuman-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Anshuman Magazine" meta.hostid="83" meta.entityid="Anshuman Magazine">Anshuman Magazine</keyword> said on Monday. The country's economic performance in FY'24 surpassed expectations, registering a robust growth rate of 8.2 per cent. "This momentum is noteworthy considering three out of the past four quarters exceeded the 8 per cent growth mark," he said in his reaction to the Economic Survey. <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> is anticipated to moderate around 4.5 per cent and it reflects a 'well-balanced' economic environment, he said. "The survey acknowledges the <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword>, particularly the residential segment, as a significant driver of <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>. The survey emphasizes the importance of continued collaboration between central and state governments, along with the private sector, to sustain this momentum," Magazine said in a statement. India's post-pandemic recovery has been orderly and expansive and it is testament to the underlying resilience of the economy, he said. "Looking ahead to FY'25, several indicators such as robust private consumption, increased bank lending activity and improved corporate capital expenditure indicate towards a good year ahead," he added.

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has proposed a minimum ticket size or <keyword id="21732014" type="General" weightage="20" keywordseo="investment-threshold" source="keywords">investment threshold</keyword> of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities. The proposal also introduced limitations on the number of investors in <keyword id="22496291" type="General" weightage="20" keywordseo="private-placements" source="keywords">private placements</keyword>, allowing <keyword id="23778966" type="General" weightage="20" keywordseo="securitized-debt-instruments" source="keywords">securitized debt instruments</keyword> (SDIs) issued privately to be offered to a maximum of 200 investors. If this limit is exceeded, the issuance must be classified as a public issue. Public offers should remain open for a minimum of three days and a maximum of 10 days, with advertisement requirements aligned with Sebi's regulations for non-convertible securities. Additionally, the regulator has suggested that all securitized debt instruments should be issued and transferred exclusively in demat form. SDIs are financial products created by pooling together various types of debt -- such as loans, mortgages, or receivables -- and then selling them as securities to investors. This process, known as securitisation, allows the originator (such as a bank) to convert illiquid assets into liquid ones, providing an alternative source of funding. Investors in these instruments receive returns based on the performance of the underlying debt pool, and the risk is spread across multiple assets, offering potentially attractive returns. The current framework is based on Sebi's 2008 regulations, with updates from the Reserve Bank of India's (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) 2021 directions on securitising standard assets. The Securities and Exchange Board of India (Sebi) is now considering updates to the regulatory framework for securitized debt instruments and sought public comments till November 16 on the proposals. Regarding risk management, Sebi has proposed that originators retain a minimum risk retention of 10 per cent of the securitised pool or 5 per cent for receivables with a maturity of up to 24 months. A minimum holding period requirement will also be specified by Sebi for underlying receivables to ensure that originators maintain an interest in the underlying assets, the regulator said in a consultation paper. The regulator further suggested including an optional clean-up call for originators, allowing them to repurchase up to 10 per cent of the original value of the assets. This call is optional and intended to help manage the pool's longevity without mandating additional commitments from the originator. Liquidity facilities, essential to handle timing mismatches in cash flows, should either be provided directly by the originator or through an appointed third party. The updated definition of "debt/receivables" limits permissible underlying assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases while disallowing single-asset securitisation. The proposal establishes minimum track record requirements for both originators and obligors. Originators should have a minimum of three years of operating experience, while trade receivables specifically require at least two cycles of successful, default-free payments.

Sebi proposes Rs 1 crore minimum investment, mandatory demat form for securitized debt instruments

<ul class="summary-list"><li>S&amp;P 500, Nasdaq, and Dow fell in August amid recession fears and market pullbacks.</li><li>Key concerns include Federal Reserve rates, US-China consumer spending, AI trade, and geopolitics.</li></ul>The second half of 2024 has thrown some curveballs. August rang in a pullback as the <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/spdr_s_p_500_etf_trust_cert_deposito_arg_repr_005_sh-stock">S&amp;P 500</a> fell by 3.27%, the tech-heavy <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq</a> by 4.7%, and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow</a> by 3.7%.Despite the indexes in the red, Joe Quinlan, head of CIO Market Strategy for Merrill and Bank of America Private Bank, says what scares him the most is <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">recessionary fears </a>creating a self-fulfilling prophecy as investors scare themselves out of the market and into spending halts.Six key concerns are tugging at investors' minds right now, but each is unwarranted, according to Quinlan, who broke them down and shared his thoughts.The first concern is that the market is afraid the Federal Reserve is behind the curve on cutting interest rates after keeping them too high for too long. However, fears that this could lead to a recession are overblown. The economy is slowing, but it's not stalling, and the central bank is on track to cut two or three times this year, he noted."The employment market is so important because employment equals income, income equals consumption, and consumption is around 70% of US GDP," Quinlan said.But he noted that even as July's unemployment rate ticked up to 4.3%, it's still historically low and pretty strong relative to other countries.The second concern is that US and Chinese consumers are retrenching. While spending is slowing, what's really happening is that the consumer is normalizing. However, the squeeze of inflation is being felt, especially for lower-income households, he added. The impact will be felt in certain sectors more than others.More tightness could come from the Chinese consumer. China has been trying to reopen for the last 18 months, and it's not happening, he said. Plus, the Chinese property and equities markets are underwater, which has created a negative wealth effect. There's also a high unemployment rate among college graduates and a lack of jobs, he added."You could see some weakness in consumer staples, particularly consumer discretionary," Quinlan said. "You've seen the airlines add a lot of capacity, but the flyers aren't there. You see hotels having to maybe start discounting. You need to watch where the capacity or supply has been added, but the demand is not there, then you start discounting, which means lower profit margins going into Q3 and Q4. So that's kind of what we're watching out for."The third concern is the unwinding of the artificial intelligence trade, mainly the Magnificent Seven. Here, Quinlan noted that the pullback was to be expected and healthy as the sector got frothy.This earnings season was rich in guidance and uncovered key trends for Big Tech. One of these was the overarching theme of continuing to spend billions of dollars on AI infrastructure. The potential rate of return on all that capex has impatient investors questioning their bets. They want sooner returns, but the AI trade will take years, not quarters, he said.The fourth concern is the recent unwinding of the yen carry trade. Japan's low interest rates made its currency a cheap option to borrow and fund other trades in the US and worldwide.But those arbitraging the yen found themselves getting squeezed as the Japanese central bank raised rates. The unwinding process saw parts of the market, specifically tech, sell off as investors rushed to repay the loans. While no one knows where the bottom is, Quinlan believes the worst is over.The fifth concern is uncertainty surrounding the US election. At the beginning of the race, it seemed likely that Donald Trump would win.Polling predicted that the former president had a good lead, particularly in swing states. But that's off the table now, and we're right back to a tight race, Quinlan said. Increased uncertainty also means increased volatility. So there's $6 trillion sitting in money market funds that is being held hostage to politics, he added."I speak with clients every day. They're happy getting 5% out of the money market bonds until they see some clarity, more certainty in and around the election," Quinlan said. "They expect more volatility, particularly post-Labor Day, because it's going to get tight; it's going to get pretty interesting. Policies are going to be dissected."Quinlan emphasized that any significant stock market dips below 5% are buys.. He doesn't advise trying to time the market by selling with profit-taking intentions. One punishing day could be followed shortly after by some nice upside, he noted.The final concern is rising geopolitical tensions in the Middle East. For Quinlan, this has translated into a strategy of being long the leaders of US defense, aerospace, and cybersecurity.The escalating conflict between Israel and Iran ups the ante of a greater regional conflict that makes investors nervous, and defense is a key winner of that, he said.If investors want to skip the volatility that accompanies an uncertain economic environment, then one of the best places to park money is still in bonds with durations between two and 10 years, he said."We've had these episodes of market volatility in the past, and the only path was in and out of equities," Quinlan said. "Well, now you get 4% even on a two-year yield; that's a good place to put some money to work as you're waiting out this volatility. Remember, as interest rates come down, you lock in two-, five-, or 10-year yields. You're not locking in anything by owning cash. Those money market funds are going to come down as the interest rates come down."He also likes small-cap companies across the board. Even though the Russell 2000's rally in mid-July didn't last, he believes the sector will have its day. Smaller companies are more credit-sensitive. If you combine dropping rates with a soft landing, this sector of the stock market is well positioned for upside, he said."We're still believers in that small-cap trade. So don't give up on that if you don't have exposure, add to it," Quinlan said.

2 trades to make now amid 6 economic pitfalls ahead, according to a Bank of America chief strategist   

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "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="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

<ul class="summary-list"><li>Europe's economy could be negatively impacted by Trump's proposed tariffs, economists say.</li><li>They say the EU will need to employ some retaliatory measures but has to be careful not to escalate.</li></ul>The US stock market has cheered the pro-business agenda that Donald Trump has promised in a second term, but policymakers in Europe are bracing for potentially tough four years ahead as the President-elect looks poised to potentially set off <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new trade war</a>. Trump has championed tariffs as a key protectionist policy to boost his "America first" agenda, proposing sweeping tariffs of 10%-20% on all countries and 60% on goods from China. Europe appears particularly at risk from <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-europe-recession-fears-economy-exports-autos-bank-2024-11">the impact of tariffs</a> amid an already fragile economy, experts said.Germany's central bank president <a target="_blank" href="https://www.zeit.de/2024/48/joachim-nagel-bundesbankchef-wirtschaftskrise-inflation-ampel-aus">Joachim Nagel</a> says the tariffs could cost the country 1% of its GDP, causing it to possibly slip into negative growth next year, while both French President Emmanuel Macron and former Italian Prime Minister Mario Draghi have warned the US and Europe are barreling toward a trade war. Goldman Sachs said recently the <a target="_blank" class="" href="https://www.businessinsider.com/trump-presidency-impact-election-europe-economic-growth-gdp-goldman-sachs-2024-11">tariffs could cost</a> the whole euro area a 0.5% hit to real GDP, with the bulk of the downturn likely to be felt next year.Economists and analysts said that in order to avoid a trade war, policymakers in Europe need to employ a specific playbook to mitigate the economic drag while keeping trade tensions in check.<h2 id="503c71ba-c363-4216-ac76-b4f4d82a312f">Retaliatory tariffs, but at a smaller scale</h2>According to Andrew Kenningham, chief European economist at Capital Economics, the European Union will likely need to retaliate, though not in exactly the same way as the US.Kenningham says the EU will likely hit the US with targeted tariffs on certain industries, rather than an across-the-board action."It would probably impose targeted tariffs on products of symbolic or political importance rather than an across-the-board tariff and probably on a fairly modest scale," he wrote in a recent note.It wouldn't be the first time the EU has employed such measures. Kenningham points to the EU's use of item-specific duties on US imports, like Harley Davidsons and bourbon whiskey, after Trump employed tariffs on steel and aluminum from the EU during his first term in 2018.Those retaliatory tariffs were worth less than half those imposed by the US at the time, but worked to soften the blow without instigating further tensions between the US and Europe, he said.This time around, any retaliation will have to strike a similarly smaller blow than the actions from the US, Kenningham said."They want to de-escalate, rather than escalate any trade conflict," he told Business Insider.<h2 id="4cd91793-34a3-437e-9bac-22a987b5117e">Trade deals to avoid tariffs</h2>Kenningham said EU policymakers could also negotiate a deal to avoid US tariffs. The European Commission could pledge to purchase certain commodities from the US in greater quantities in exchange for an exemption from tariffs, similar to how the commission negotiated over purchases of liquefied natural gas and soybeans in Trump's first term.Kenningham says the commission doesn't have total control over actually implementing these trade deals, though, so it's unlikely Trump would opt to go that route again.Alternatively, the bloc could strike a deal to purchase more defense equipment from the US to continue <a target="_blank" class="" href="https://www.businessinsider.com/eu-lend-ukraine-45-billion-with-without-the-us-russia-2024-9">supporting Ukraine</a> as the US appears likely to <a target="_blank" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">scale back</a>, Kenningham added.<h2 id="71c65274-fbec-4f67-a682-6d1449f58ee3">Match the US's lean away from China</h2>Another option would be for the EU to try and side with the US in its trade war with China, Kenningham says, referring to Trump's proposals for 60% tariffs on good from China. That could mean further barriers to imports of Chinese electric vehicles, as well as more curbs on investment from Chinese firms in Europe, he says.That plan could face pushback from Germany, though, since China is a big market for its stumbling <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">auto industry</a>."The automotive sector is frontline. German car producers are extremely exposed to the Chinese market," the Brookings Institution's Carlo Bastasin said, adding, "The automotive sector is undoubtedly vulnerable. It's already going very, very badly."But the EU may not have a choice, Kenningham said."Admittedly, the EU will not want to drastically cut ties with China," he wrote. "But policymakers may be forced to move more rapidly if faced with strong US pressure."In reality, some version of all of those potential actions will likely come into play, Kenningham added. For now, trade experts say it's still unclear when—and how much—Trump will raise tariffs on the EU.Bastasin doesn't expect tariffs as high as Trump has threatened, and thinks they will fall closer to 5%, which isn't a sizable increase from the 3% tariff average reached under his first presidency. Still, he warned that any drastic actions from the US could pose long-term risks to the relationship between the two powers."There is a possibility that if the strategy toward Europe is very aggressive, Europeans may change attitudes toward the Transatlantic Alliance. I don't mean NATO, but on traditional friendship and cooperation," Bastasin said.

How Europe can avoid a trade war in a 2nd Trump term

<ul class="summary-list"><li>Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller.</li><li>The 39-year-old runs the Southeast region and leads strategy for young and women clients.</li></ul>Brittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. She grew up in Jonesboro, Arkansas, where her parents were professors at the local university. After graduating from New York University in 2007, she thought she would work at Goldman Sachs for a few years to save up for graduate school, perhaps to study public policy or become a lawyer. But even when the financial crisis hit, which was an opportune time to go back to school, she didn't want to leave."At Goldman, you are given tremendous responsibility and opportunity young in your career if you prove yourself able," she told Business Insider in an interview. "I've never once been bored, and so it's an easy choice to stay."The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Boals Moeller said these clients in their 30s and 40s are more likely to want more than investment advice, desiring services like concierge healthcare and bill pay that make their lives easier. To keep these clients loyal, she leads an initiative to cater to younger clients, including heirs and self-made entrepreneurs, and another that focuses on women customers."They're busy. They want simplicity. They need good people around them to help," she said.During the dealmaking drought, the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1">wealth management</a> business gained new prominence. "Quite frankly, private wealth management at Goldman Sachs has never been as much of a focus for the firm as it is today," division cohead John Mallory told BI in 2023.Boals Moeller said the business's current stature is the result of investments more than a decade in the making. She served as chief of staff to wealth management head Tucker York during the financial crisis. Around 2010, she embarked on a listening tour of every wealth office. The advisor feedback led to the bank expanding its offerings beyond investment and tax planning advice."We knew this going way back, and it certainly continues today, which is we are not purely an investment solution for our clients," she said. "Investments are critical and core to our work, but increasingly we're seeing that with the next generation of wealth owners today, they are seeking simplicity and solutions in all aspects of their life."Goldman Sachs' family office offering, Apex, launched a few years later. Now, the division offers chief financial officer services to help clients with not just estate planning but also lifestyle services like cybersecurity.Catering to these younger clients, whether they are old-money heirs or startup founders celebrating their first windfall, requires meeting them where they are. That usually isn't over a steak and martini lunch or 18 holes at the golf course. What entices these clients more, Boals Moeller said, is getting to meet like-minded people.Goldman Sachs holds events and conferences, often with star-studded lineups or in scenic locales. In August, Boals Moeller hosted a reception in Atlanta with singer Ciara and Marc-Kwesi Farrell, the founder of a rum brand that provided custom cocktails. In October 2023, Goldman Sachs hosted a conference in Deer Valley where billionaire Patrón founder John Paul DeJoria talked about keeping a business empire in the family. Sustainability and sports are particularly interesting to this demographic, with Goldman Sachs hosting a tour of a waste-to-clean-energy power plant in Copenhagen and bringing in Michelle Hynik, president of women's football club Utah Royals, to the Deer Valley summit.Advisors also introduce clients to each other when appropriate, such as a pre-IPO founder to an entrepreneur who has already been through the process."A lot of effort is put into helping people not only just manage the risk and obviously the investment side of things, but also the broader piece, which is how do we help you have an amazing corporate outcome from the sale of your business, and how do we help you as a family appropriately prepare for that?" she said.Advisors can meet with families one-on-one for financial education. However, many of these millennial and Gen-Z clients prefer digital education on their own time. Goldman Sachs has courses for children of clients as early as 15 years old. This Semester at GS program has six one-hour sessions that span trading talks from executives in global markets as well as personal finance topics like how to think about a credit score. These virtual sessions are cameras off, Boals Moeller notes."You don't have to be at a desk," she said. "It's not another hour of homework."

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

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How Europe can avoid a trade war in a 2nd Trump term

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