Bullion futures decline in international markets

New Delhi: In the international markets, Comex gold futures for December delivery slipped below the $4,000 per ounce mark, trading at $3,971.90 an ounce, down by $28.80, or 0.72 per cent. On Wednesday, the precious metal had snapped a three-day losing streak to close higher at $4,000.7 per ounce. Comex silver futures for December delivery were trading 1.23 per cent lower at $47.32 per ounce in the overseas markets.

"Gold prices hovered around $3,970 per ounce on Thursday, holding onto most of its recent losses and remaining close to a three-week low as traders scaled back bets on further US rate cuts," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said. He noted that after the Federal Reserve's quarter-point reduction on Wednesday, Fed Chair Jerome Powell downplayed the likelihood of another cut in December, citing divisions among policymakers and the lack of fresh macroeconomic data amid the government shutdown.

"Market participants now assign less than a 70 per cent chance of another rate cut this year, down from near-full expectations before the Federal Open Market Committee decision," Trivedi added. Despite the near term weakness, gold remained on track for a monthly gain and was up about 50 per cent for the year, he said.