Gold prices have declined sharply to around $3,880–$3,890 per ounce amid hotter-than-expected October CPI and PPI prints, which lifted the dollar index to 19-month highs and pushed the 10-year Treasury yield above 5.15%. These developments have driven market-implied odds of a 25-basis-point Fed rate increase at the December 9 FOMC meeting to roughly 90%, with some pricing for a larger move, weighing on non-yielding assets like gold. Recent hawkish Fed commentary and resilient labor data have reinforced the tighter policy path, while central bank purchases and seasonal demand provide longer-term support. Key near-term catalysts include upcoming retail sales data, FOMC minutes, and the December policy decision, with price action likely to hinge on whether yields and the dollar sustain their advance.