Persistent inflation data, including October CPI exceeding forecasts, has reinforced expectations for Federal Reserve tightening, with markets pricing an 85-90% implied probability of a 25-basis-point rate hike at the December 9 FOMC meeting and the funds rate at 3.75-4.00%. This has strengthened the dollar index above 103 and lifted 10-year Treasury yields over 5.1%, weighing on gold's appeal amid real yields remaining positive. Spot prices have fallen below $3,900, near 13-month lows, despite robust central bank purchases totaling 321 tonnes in Q3. The upcoming FOMC decision and any further inflation releases will likely dictate near-term price action through year-end.