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Market expert, Ajay Bagga, expects as many as five rate cuts of 25 bps each by the US Federal Reserve by next December. Back home, he feels the RBI is ahead of the curve with its clampdown on consumer loans amid stress in the rural economy. He sees a huge upsurge in rural consumption ahead as the wedding season kicks off.
The next six months may bring positive bias to the equity market due to increased economic activity and potential rate cuts, according to industry experts.
Brent crude futures were up $2.07, or 2.6%, at $82.05 a barrel by 1:01 p.m. EST (1801 GMT). US West Texas Intermediate (WTI) crude gained $2.02, or 2.7%, to $76.88.
Spot gold gained 0.8% to $2,030.49 per ounce by 10:50 a.m. ET (1550 GMT), highest since May 11.
“Silver has been very volatile this year gaining 6% year-to-date on the domestic front; similarly, gold has tested its extremes on both sides and is now steadily gaining momentum posting gains of 11% YTD. In the month of November month-to-date, gold has slightly inched higher while silver has gained by 2%, following an up-move in industrial metal as well.”