The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Greed” zone on Tuesday.U.S. stocks settled lower on Tuesday, with the Nasdaq Composite falling more than 200 points during the session. The S&P 500 also ended a 3-day winning streak.Nvidia Corp. NVDA shares fell 2.8% on Tuesday, a day after the company announced a $100 billion investment in OpenAI.On the economic front, the S&P Global U.S. Composite PMI slowed to 53.6 in September from 54.6 ...

New Zealand’s current account deficit has narrowed dramatically after a downward revision to imports because of more low-value parcels arriving from e-commerce retailers like Temu. https://t.co/tMUKd7fezC ...

South Africa’s current account deficit widened by more than expected in the second quarter https://t.co/wEULN6CCYc ...

India’s current account deficit was at $2.4 billion in the April to June quarter, the Reserve Bank of India said https://t.co/wg2rEII6vd ...

Canada’s current account deficit reached the widest on record in the second quarter as the country’s exports to the US dropped because of the trade dispute. https://t.co/E6ioemfPDU ...

Investment Rating - The report maintains a Neutral rating on Titan due to demand uncertainty in FY26E caused by elevated gold prices and rich valuation [5][41]. Core Insights - UBS's Basic Materials team forecasts gold prices to rise to US$3,500 in 2026, driven by tariff uncertainty, weak growth, high inflation, and geopolitical risks [2][9]. - India's gold demand is expected to moderate to approximately 725 tonnes in FY26, a 7% year-on-year decline, before recovering to 800 tonnes in FY27 as household consumption stabilizes [4][23]. - Indian households hold the largest stock of gold globally, estimated at 25,000 tonnes, valued at around US$2.4 trillion, which is 56% of FY26 nominal GDP [3][13]. Summary by Sections Gold Price Forecast - Gold prices are projected to increase significantly, with annual averages expected to reach US$3,500 in 2026, reflecting a 23% increase from previous estimates [12]. Consumer Demand for Gold - Consumer demand for gold in India is anticipated to soften in FY26, particularly in jewellery, which constitutes 70% of total demand, expected to decline by 5-10% year-on-year [4][23]. - Retail investment demand remains strong, with a notable increase in gold bars and coins, driven by gold's performance as a safe-haven asset [20]. Economic Context - India's net gold imports are projected to remain high at US$55 billion to US$60 billion in FY26/27, accounting for 1.2% of GDP, despite a manageable current account deficit [40]. - The report highlights that the upcoming pay boost of approximately US$55 billion could support household consumption and stabilize gold demand [39][23]. Gold Mobilization Efforts - Policy initiatives aimed at mobilizing gold for productive uses have seen limited success, with households primarily using gold as collateral for loans [42][45]. - The Gold Monetization Scheme and Sovereign Gold Bonds have not achieved significant participation, leading to a discontinuation of some programs [44][45]. Company-Specific Insights - Titan is expected to pursue aggressive network expansion to capture market share as the market transitions from unorganised to organised [5][41]. - The report notes that while Titan's long-term proposition is favorable, the current demand uncertainty warrants a Neutral rating [5][41].