India, Nov. 2 -- International gold prices, which had climbed more than 50% this year, have started to lose momentum. The market has been in an adjustment phase since October 20, as investors take a cautious stance amid uncertainty over the United States and China's latest trade talks.

According to Reuters, spot gold traded at $3,997.79 per ounce around 4:22 p.m. Eastern Time on October 31, down 0.7% from the previous session. On the COMEX exchange, December gold futures fell 5.7%, marking the biggest single-day drop in 12 years.

Much of the recent weakness comes from comments by Federal Reserve Chair Jerome Powell, who signaled that interest rate cuts are not guaranteed in December. Powell's hawkish tone reduced expectations for a near...