Gold prices hovered around $3,930 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. After delivering an expected quarter-point reduction on Wednesday, Fed Chair Jerome Powell downplayed the likelihood of another cut in December, citing divisions among policymakers and limited federal data amid the government shutdown. Markets now assign less than a 70% chance of another rate cut this year, down from near-full expectations before the FOMC decision. Meanwhile, investors are watching US-China trade talks, where Presidents Donald Trump and Xi Jinping are expected to finalize a trade deal during their meeting in South Korea, signaling a pause in the prolonged trade dispute and reducing demand for safe-haven assets. Still, the metal remained on track for a monthly gain and was up about 50% for the year.