The yellow metal hovers around $3,980/oz : By Mr. Jigar Trivedi, Senior Research Analyst at Reliance Securities

MUMBAI (RMN) – Gold prices traded around $3,980 per ounce on Thursday, moving within a tight range near a four-week low as investors continued to scale back bets on US rate cuts.US private payrolls rose by 42,000 in October, exceeding forecasts of a 25,000 increase, while the ISM Services PMI climbed to an eight-month high.The figures reinforced expectations that there is little room for additional rate cuts, with inflation still above target and the government shutdown delaying key labor data.This comes against the backdrop of a hawkish tone from several Fed officials, aligning with Chair Powell’s recent remarks suggesting that the latest rate cut could be the last for this year.
Still, some policymakers reiterated that interest rates should move lower over time.Adding to the downward pressure, sentiment toward riskier assets improved, reducing the metal’s safe-haven appeal.MCX Gold December may rise to Rs 121,000/10g 10gm and on a flip side Rs 120,000/10g is s support.