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Gold Slips on Hike Odds

Gold Slips on Hike Odds

Gold settled near $4,030 an ounce on Wednesday after falling 2.6% in the previous session, as U.S. inflation came in above expectations and hawkish remarks from Federal Reserve officials strengthened expectations of a 25-basis-point rate hike in December. Treasury yields and the dollar rose, weighing on non-yielding gold, while silver held at $51.56 an ounce after a 3.5% decline. Dallas Fed President Lorie Logan said she sees a need for at least two 25-basis-point rate hikes, and that increases could come faster than they did in the fall.

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