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Powell's Testimony: Markets Hold Breath for Rate Cut Signals

Powell's Testimony: Markets Hold Breath for Rate Cut Signals

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# Powell's Congressional Testimony Looms Over Markets: Indian Equities, Gold, and Rate Cut Expectations

Today's markets are on edge as investors await Federal Reserve Chair Jerome Powell's Congressional testimony, with Indian equities opening lower amid broader Asian caution. The Sensex dropped approximately 400 points while the Nifty hovered near 26,050, mirroring overnight weakness on Wall Street where major indices retreated on profit-taking in AI stocks and cryptocurrency selloffs.

The spotlight remains firmly on what Powell might signal about potential December rate cuts. Market participants are increasingly pricing in Fed easing, a sentiment that's driving precious metals higher - spot gold reached a six-week peak while silver surged to record levels. This flight to safety isn't isolated, as mutual fund holdings in gold and silver ETFs have more than doubled over six months, reaching approximately 1.6 trillion rupees.

Despite the cautious tone, Asian

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