Spot gold tumbled about 3% to below $4,015/oz after US CPI topped expectations, sending US Treasury yields and the dollar sharply higher. Dallas Fed president Lorie Logan said she sees a need for at least two more 25bp hikes and that tightening may need to proceed faster than the Fed’s autumn pace; Fed governor Waller has flagged a possible 50bp move. MKS PAMP metals strategist Nikki Hills said markets now assign a higher probability to a 50bp December hike, and that the CPI beat plus rising odd

Spot gold tumbled about 3% to below $4,015/oz after US CPI topped expectations, sending US Treasury yields and the dollar sharply higher. Dallas Fed president Lorie Logan said she sees a need for at least two more 25bp hikes and that tightening may need to proceed faster than the Fed’s autumn pace; Fed governor Waller has flagged a possible 50bp move. MKS PAMP metals strategist Nikki Hills said markets now assign a higher probability to a 50bp December hike, and that the CPI beat plus rising odds of larger hikes are highly negative for gold; she added year‑end consensus is mildly bullish-to-rangebound but institutional buying may wait until January.